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Global Cobalt Completes Arrangement Transaction and Spin Out of Global Energy Metals
Jan. 21, 2016 01:53PM PST
Battery Metals Investing
Global Cobalt Corporation (TSXV:GCO) announce that all of the conditions precedent to the completion of the arrangement transaction amongst the Company, Global Energy Metals Corporation and Imperial Mining Holding Limited have been satisfied or waived and that the Final Order of the Supreme Court of British Columbia approving the transaction was filed with the Registrar of Companies, effective as of January 19, 2016.
Global Cobalt Corporation (TSXV:GCO) announce that all of the conditions precedent to the completion of the arrangement transaction amongst the Company, Global Energy Metals Corporation and Imperial Mining Holding Limited have been satisfied or waived and that the Final Order of the Supreme Court of British Columbia approving the transaction was filed with the Registrar of Companies, effective as of January 19, 2016.
As quoted in the press release:
Accordingly, shareholders of record as of December 22, 2015, other than IMHL and its affiliates and associates, will receive one common share of GEMC for every one share held of Global Cobalt. The Company’s Depositary shall forward to each such Shareholder a certificate or electronic registration statement representing the GEMC Shares that such holder is entitled to receive in connection with the Arrangement. Until a listing on the TSX Venture Exchange (or any other stock exchange or quotation system) is obtained, there will be no public market on which to trade the shares of GEMC. However, GEMC will be a reporting issuer in British Columbia and Alberta.
Shareholders will also own one GCO New Common Share, which will be represented by existing GCO Common Share certificates.
All of the outstanding GCO Warrants shall be cancelled and the former holders of such GCO Warrants shall instead be granted one GCO Replacement Warrant and one GEMC Warrant for each GCO Warrant held, provided IMHL and its affiliates and associates shall only be granted one GCO IMHL Replacement Warrant for each GCO Warrant held.
In addition, Global Cobalt will transfer to GEMC the licences and permits in respect of the Werner Lake Property, together with the GEMC Assumed Debt and GEMC will assume liabilty for the GEMC Assumed Debt.
Global Cobalt’s common shares will continue to trade on the TSX-V under the trading symbol GCO and the Company will continue to hold an option on the Karakul Cobalt Property, located in the Altai Republic, Russia, which is its principal property. The Company believes Karakul has the potential to become a key supplier for the Chinese cobalt market given its proximity to China.
Connect with Global Cobalt Corporation (TSXV:GCO) to receive an Investor Presentation.
