Global Cobalt Obtains Final Order for Plan of Arrangement & Spin-Out of Global Energy Metals

Global Cobalt Corporation (TSXV:GCO) announced that the Supreme Court of British Columbia has granted a final order approving the previously announced plan of arrangement involving Global Cobalt, Imperial Mining Holding Ltd., and Global Energy Metals.
As quoted in the press release:

The Company looks forward to satisfying the remaining closing conditions and successfully completing the Arrangement.  Shareholders and interested parties will be notified in a subsequent news release with the expected effective date that shareholders of Global Cobalt, other than Imperial Mining Holding Ltd., would still be eligible to receive the number of shares of Global Energy Metals that is equal to the number of shares they hold in Global Cobalt.
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 China, Karakul has the potential to become a key supplier for the Chinese cobalt market.

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