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Puget Ventures Inc. (CVE:PVS) reports that shareholders have voted in favour to approve deal that will result in a newly named international mineral exploration company, Global Cobalt Corporation
The press release is quoted as saying:
Shareholders voted on a reverse takeover of Puget by privately owned Imperial Mining Holdings Ltd. Through the transaction and subject to the satisfaction of conditions precedent including regulatory approvals, Puget will acquire all issued and outstanding securities of Pafra, a wholly owned subsidiary of IMHL, and owner of the central Asian assets.
The flagship asset is the Karakul Project in Russia’s Altai Republic in Southern Siberia, where multiple mineral deposits were discovered in the Soviet era. “It is a mineral rich region, which shares its borders with other mineral-rich countries of Kazakhstan, Mongolia and China and is ready for the foreign investment and development expertise that Global Cobalt Corp. will bring,” noted Chutter. Karakul, an advanced-stage exploration project, could become one of the largest known non-African sources of primary cobalt, which has been designated strategic by the United States and European Union. Cobalt is a component of batteries, electronic products, renewable energy technologies and steel.
The Altai government and Federal Government of Russia have confirmed a commitment of $475 million (Cdn) over the next five years for mining-related infrastructure development.
Puget Ventures’ President, Erin Chutter says:
We are delighted that shareholders have approved this deal as an important step in Puget’s transformation into Global Cobalt Corporation, the first publicly listed mining company to develop this mineral-rich and mining-friendly part of the world.”
Click here to access the entire press release.
Click here to access Puget Ventures’ company profile.(TSXV:PVS)