Global Cobalt Files Final Court Order for Spinout

Global Cobalt Corporation (TSXV:GCO) announced that it will be applying to the Supreme Court of British Columbia for the final court order approving the Arrangement Agreement. The hearing for the Final Order is expected to take place on November 24, 2015.
As quoted in the press release:

Upon closing of the Arrangement, Global Cobalt will continue to list on the TSX Venture Exchange and hold the option on the Karakul Cobalt Project (“Karakul”). Karakul, located in the Altai Republic, Russia, will remain the priority project for Global Cobalt. Given its proximity to mainland China, Karakul has the potential to become a key supplier for the Chinese cobalt market.
On the Effective Date shareholders of Global Cobalt, other than Imperial Mining Holding Ltd., will receive the number of shares of Global Energy Metals that is equal to the number of shares they hold in Global Cobalt. As outlined in the Arrangement Agreement that was approved by shareholders at the Annual General Special Meeting on August 31, 2015, Global Energy Metals will acquire the Werner Lake Cobalt Project and assume certain outstanding debts of Global Cobalt.
Global Energy Metals is applying for a public listing, and will act as a vehicle for acquisitions in the battery metals space and will move forward a strategy to be a project bank for these critical metals, including cobalt, lithium and graphite.

Global Cobalt President and CEO, Erin Chutter, stated:

We are pleased to have overcome the challenges faced in completing this transaction, and to ?finally be in a position to complete on the Arrangement Agreement. The Board would like to offer its sincerest thanks to our management team, suppliers, lenders and other various stakeholders who supported our Company throughout this process, thereby providing both Global Cobalt and Global Energy Metals with a solid foundation for the future.

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