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Global Cobalt Corp. (TSXV:GCO) announced that the proposed spin-out company has been named Global Energy Metals Corporation, reflecting the strong focus on metals fundamental to the battery and energy sectors. Global Cobalt also confirmed that the effective record Date for Global Cobalt shareholders to receive Global Energy Metals shares is expected to be July 20, 2015.
As quoted in the press release:
The Company is also pleased to confirm the following dates with respect to the spin-out transaction and plan of arrangement:
- Record Date for Voting at the Annual General Special Meeting: June 10th, 2015
- Mailing of Information Circular: June 15th, 2015
- Annual General Special Meeting: July 10th, 2015
- Record Date for Global Cobalt shareholders to receive Global Energy Metals shares will be as of the Effective Date which is expected to be July 20th, 2015
Highlights of the Agreement include:
- Spin-out of Global Energy Metals Corporation to focus on M&A and project development in battery metals projects as well as holding the current North American projects of Werner Lake and Iron Creek,
- Global Cobalt will continue to hold those agreements associated with Karakul and the Altai Satellite projects in Russia,
- Global Cobalt shareholders to receive shares of Global Energy Metals on 1:1 basis to holdings in Global Cobalt,
- Shareholder meeting scheduled July 15th, 2015 for holders of record of common shares of Global Cobalt as at 12:01 a.m. on June 10th, 2015 with the registrar and transfer agent of Global Cobalt, and
- Global Cobalt will, as a condition of closing the Transaction, acquire a significant interest in a qualifying mineral property (the “Qualifying Property”) that meets the TSX-V initial listing requirements for a Tier II mining issuer and obtain a NI 43-101 compliant technical report thereon should Karakul not meet these requirements.
Global Cobalt CEO, Erin Chutter, said:
We are convinced that the spin out and new organizational structure is the correct strategy, one which will enhance shareholder value by providing a sharper strategic focus for both companies moving forward. The reorganization will unlock value and enable us to accelerate the expansion of our North American projects in Global Energy Metals Corp. while providing shareholders exposure to Karakul and the Altai Satellites that will remain with Global Cobalt.
Click here to read the Global Cobalt Corp. (TSXV:GCO) press release
Click here to see the Global Cobalt Corp. (TSXV:GCO) profile.
GEMC:CA