Global Cobalt Extends Spinout Drop Dead Date to Nov. 4

Global Cobalt Corporation (TSXV:GCO) announced, to allow for the closing of the arrangement agreement and spinout of Global Energy Metals, Imperial Mining Holding Ltd., they will further amend the arrangement agreement by extending the drop dead date, as that term is defined in the arrangement agreement, as last amended, from Oct. 1, 2015, to Nov. 4, 2015.
As quoted in the press release:

On Aug. 31, 2015, shareholders of Global Cobalt, amongst other resolutions, voted unanimously in favour of the spinout and listing of the new company, Global Energy Metals, as a vehicle to examine other acquisitions in the battery metals space and move forward a strategy to be a bank for these critical assets. The Karakul cobalt project, located in the Altai Republic, Russia, will remain the priority project for Global Cobalt and, given its proximity, has the potential of becoming a key supplier for the Chinese cobalt market.

Global Cobalt President and CEO, Erin Chutter, stated:

Although initial timelines have not been met, we are satisfied by the progress made to date in completing the conditions set forth in the plan of arrangement. Pushing the drop dead date for the transaction allows for these conditions to be fulfilled, which in turn should provide certainty towards the completion of the transaction and spinout of Global Energy Metals from Global Cobalt.

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