Global Cobalt (CVE:GCO), an exploration stage company, said its shareholders have voted unanimously in favour of the spin-out of the new company Global Energy Metals Corporation at the annual general and special meeting held in Vancouver, British Columbia, on Monday.
"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," Global Cobalt’s chief executive officer Erin Chutter said in a statement on Tuesday.
The Karakul Cobalt project in Altai will remain the priority project for Global Cobalt Corporation," Chutter said.
On April 7, Global Cobalt unveiled 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 Corporation.
On August 21, 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 Spin-Off Properties. As consideration for the Spin-Off 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 spin-off properties, on the effective date Global Cobalt will transfer to Global Energy Metals theGlobal Energy Metals Assumed Debt (for which Global Energy will assume liability).
At the annual general and special meeting, shareholders also approved an ordinary resolution approving the Imperial Mining Holding Ltd debt conversion as a condition in order to complete the spin-out deal.
Any shares issued will be in accordance with the TSX-V, provided that such price shall be equal to or greater than $0.05 per share, according to the statement.
The strategic reorganization is subject to final approval of the Supreme Court of British Columbia and other customary conditions and regulatory approval, including the approval of the TSX Venture Exchange.
Founded in 2007, Global Cobalt takes advantage of the global transformation that is occurring in the strategic metals sector of the mining industry. Through a combination of acquisitions and internally developed businesses, the company exploits market opportunities as they emerge in various sectors of the energy metals sector with emphasis on those metals, such as cobalt, used in the rechargeable battery space.
Shares of the Vancouver-based company were up 17% at C$0.0350 on Tuesday. Reported by Proactive Investors 14 hours ago.
"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," Global Cobalt’s chief executive officer Erin Chutter said in a statement on Tuesday.
The Karakul Cobalt project in Altai will remain the priority project for Global Cobalt Corporation," Chutter said.
On April 7, Global Cobalt unveiled 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 Corporation.
On August 21, 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 Spin-Off Properties. As consideration for the Spin-Off 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 spin-off properties, on the effective date Global Cobalt will transfer to Global Energy Metals theGlobal Energy Metals Assumed Debt (for which Global Energy will assume liability).
At the annual general and special meeting, shareholders also approved an ordinary resolution approving the Imperial Mining Holding Ltd debt conversion as a condition in order to complete the spin-out deal.
Any shares issued will be in accordance with the TSX-V, provided that such price shall be equal to or greater than $0.05 per share, according to the statement.
The strategic reorganization is subject to final approval of the Supreme Court of British Columbia and other customary conditions and regulatory approval, including the approval of the TSX Venture Exchange.
Founded in 2007, Global Cobalt takes advantage of the global transformation that is occurring in the strategic metals sector of the mining industry. Through a combination of acquisitions and internally developed businesses, the company exploits market opportunities as they emerge in various sectors of the energy metals sector with emphasis on those metals, such as cobalt, used in the rechargeable battery space.
Shares of the Vancouver-based company were up 17% at C$0.0350 on Tuesday. Reported by Proactive Investors 14 hours ago.