Global Cobalt Nears Completion of Global Energy Spinout

- December 22nd, 2015

Global Cobalt Corporation (TSXV:GCO) announced that all of the conditions precedent to the completion of the arrangement transaction amongst Global Cobalt Corp., Global Energy Metals Corp. and Imperial Mining Holding Ltd. have now been satisfied or waived, and the parties are preparing to complete the transactions contemplated by the July 27, 2015, arrangement agreement.

Global Cobalt Corporation (TSXV:GCO) announced that all of the conditions precedent to the completion of the arrangement transaction amongst Global Cobalt Corp., Global Energy Metals Corp. and Imperial Mining Holding Ltd. have now been satisfied or waived, and the parties are preparing to complete the transactions contemplated by the July 27, 2015, arrangement agreement.
As quoted in the press release:

Accordingly, on the Effective Date of the Arrangement, anticipated to be at market close today, December 22, 2015:

  • all of the shareholders of the Company of record on the Effective Date, other than IMHL, will receive one common share of GEMC for every one share held of Global Cobalt;
  • the Company’s licences and permits in respect of the Werner Lake Property will be transferred to GEMC;
  • Erin Chutter, Raymond Castelli, Gaston Reymenants, Paul Sarjeant and Peter Reynolds will each resign as directors or, if applicable, as directors and officers of the Company; and-Alexander Ordanian, Stanley Swartz and Andrey Melnikov will continue as directors of the Company.
  • effective immediately, Julian Lowenfeld and Maximiliano Barrientos have resigned as directors and Mr. Barrientos will no longer assume the role of Chief Financial Officer as contemplated in the Management Information Circular dated August 5, 2015.
  • Erin Chutter will remain as Chief Executive Officer and Oleg Scherbina as Chief Financial Officer for the Company for the interim until a meeting of the remaining directors is held to appoint a new Chief Executive Officer and Chief Financial Officer for the Company.

Gobal Cobalt President and CEO, Erin Chutter, stated:

We are pleased to have completed our spinout transaction and are hopeful that our shareholders will now receive full value for the aggregate of the assets now that they are segregated into separate companies. As Global Energy Metals, we will continue to identify opportunities to add shareholder value moving forward in the battery and energy storage metals sector.

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