Global Cobalt Shareholders Unanimously Approve Global Energy Metals Spin-out

Global Cobalt Corporation (TSXV:GCO) announced today that shareholders unanimously voted in favour of the spinout of Global Energy Metals Corp. Global Cobalt released the details of the plan to vote on August 12, 2015 which were met with shareholder approval yesterday during a special meeting held in Vancouver, BC.
As quoted in the press release:

On April 7, 2015, Global Cobalt announced its intention to reorganize into two companies. Global Cobalt intended to spin off Global Cobalt’s interests in the Werner Lake property and the Iron Creek property, so that they are indirectly held by a separate public company, Global Energy Metals Corp. On Aug. 21, 2015, the company terminated the lease for Iron Creek clearing the way for Global Energy Metals to enter into a new agreement with Chester Mining to acquire the Idaho-based property.
As of the effective date, Global Cobalt will transfer to Global Energy Metals all of Global Cobalt’s interests in the spinoff properties. As consideration for the spinoff properties, Global Energy expects to issue to Global Cobalt 78,252,177 Global Energy shares, which Global Cobalt will then distribute to shareholders, other than IMHL and its affiliates and associates, on the basis of one Global Energy Metals share for each Global Cobalt common share held immediately prior to the effective date. In addition to the transfer of the spinoff properties, on the effective date, Global Cobalt will transfer to Global Energy Metals the Global Energy Metals assumed debt (for which Global Energy will assume liability).
At the AGSM, shareholders also approved an ordinary resolution approving the Imperial Mining Holding Ltd. debt conversion as a condition in order to complete the spinout transaction. Any shares issued will be in accordance with the TSX Venture Exchange, provided that such price shall be equal to or greater than five cents per share.
The strategic reorganization is subject to final approval of the Supreme Court of British Columbia and other customary conditions and regulatory approval, including but not limited to the approval of the TSX-V.

Global Cobalt President and CEO, Erin Chutter, stated:

The approval of the Global Cobalt transaction is an important step in regaining value for shareholders and capitalizing on all assets, as well as listing Global Energy Metals as a vehicle for the acquisition and development of battery metals projects. The Karakul Cobalt project in Altai will remain the priority project for Global Cobalt Corporation.

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