International Cobalt Announces $5.3M Debt Settlement

International Cobalt Announces $5.3M Debt Settlement

International Cobalt Corp. (" International Cobalt " or the " Company ") advises that it has entered into a settlement agreement dated February 28, 2024, with Tantalex Lithium Resources Corp. (" Tantalex ") to settle an amount of CDN$5,324,275.30 owed to the Company (the " Settlement Agreement "). The Settlement Agreement stems from multiple unsecured convertible debentures in principal amounts of USD$2,100,000 and CDN$800,000 entered into between the parties in 2018 and in 2020 bearing an interest rate of 4% that became due in November of 2022 (the " Debt ").

Under the terms of the Settlement Agreement, the Debt was settled with an aggregate 106,485,506 common shares in the capital of Tantalex (the " Tantalex Shares ") issued at a price of CDN$0.05 per Tantalex Share and 50,000,000 common share purchase warrants (the " Tantalex Warrants "). Each Tantalex Warrant is exercisable by the Company to acquire 50,000,000 Tantalex Shares at a price of $0.10 for a period of thirty (30) months from issuance (the " Debt Settlement ").

As a result of the Debt Settlement, the Company became an insider of Tantalex. Prior to the transaction, the Company did not own any securities of Tantalex. After giving effect to the transaction, the Company owns, directly and indirectly, 106,485,506 Tantalex Shares, representing approximately 14.74% of the issued and outstanding common shares of Tantalex based on 718,645,821 issued and outstanding common shares of Tantalex and 20.29% of the issued and outstanding common shares of Tantalex on a partially diluted basis, based on 768,645,821 issued and outstanding common shares of Tantalex.

This news release is being issued pursuant to National Instrument 62-103, persons who wish to obtain a copy of the early warning reports filed by the Company in connection with this transaction herein may obtain a copy of such reports from www.sedarplus.ca or by contacting the person named below.

Forward-Looking Information

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the debt settlement and the completion thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this news release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

For more information, please contact:

International Cobalt Corp.

Brendan Purdy, CEO

Email: info@denovogroup.ca

1-604-687-2038


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

CO:CC
The Conversation (0)
A Canada flag on a compass pointing towards the word "invest."

Electra Secures Federal Support for North America’s Only Cobalt Sulfate Refinery

Electra Battery Materials (TSXV:ELBM,NASDAQ:ELBM) announced on March 21 that it has received a letter of intent from the Canadian government for C$20 million in proposed funding.

The money would support the construction and commissioning of North America’s first battery-grade cobalt refinery, a critical step toward strengthening the region’s electric vehicle (EV) supply chain.

The refinery, located in Temiskaming Shores, Ontario, is set to produce 6,500 metric tons of cobalt sulfate annually, enabling domestic production of up to 1 million EVs per year. According to Electra, it would be a key step in reducing North America's dependence on China, which currently refines approximately 90 percent of the world’s cobalt.

Keep reading...Show less
Electric Royalties (TSXV:ELEC)

Electric Royalties


Keep reading...Show less
Democratic Republic of Congo flag.

DRC Suspends Cobalt Exports for Four Months, Citing Oversupply

The Democratic Republic of Congo (DRC), the largest producer of cobalt globally, has halted all exports of the key battery metal for four months in an effort to curb oversupply and stop prices from falling further.

The DRC, which produces about three-quarters of the world's cobalt, implemented the suspension on February 22, as per Patrick Luabeya, president of the Authority for the Regulation and Control of Strategic Mineral Substances' Markets.

The decision follows a government decree allowing regulators to take emergency action in response to market instability.

Keep reading...Show less
Cobalt periodic symbol over map of the world.

Top 10 Cobalt Producers by Country

Battery metal cobalt has been in focus in recent years for its role in lithium-ion batteries, bringing attention to the top cobalt producing countries.

One of the metal’s main catalysts is the electric vehicle roll out. The lithium-ion batteries that power electric vehicles and energy storage require lithium, graphite and cobalt, among other raw materials, and demand for these important commodities is expected to keep rising as the shift toward clean technologies continues at a global scale.

Additionally, the metal is predominantly produced as a by-product of copper and nickel, two other metals that are important for the green transition.

Keep reading...Show less

Latest Press Releases

Related News

×