TORONTO, Oct. 16, 2019 /CNW/ - Cobalt 27 Capital Corp.
(TSXV: KBLT) ("Cobalt 27" or the "Company")
announced today that the Supreme Court of British Columbia issued a final order
approving the previously-announced statutory plan of arrangement
under the Business Corporations Act (British Columbia) pursuant to which Pala
Investments Limited ("Pala") will acquire 100% of Cobalt
27's issued and outstanding common shares (other than the
approximately 19% that Pala already owns) (the
"Arrangement"). Under the Arrangement, each Cobalt 27
shareholder will receive C$4.00 in
cash plus one share of Nickel 28 Capital Corp. ("Nickel 28")
with an implied value of C$1.92 per
share for total consideration of C$5.92 per share.
The Arrangement was previously approved by Cobalt 27
shareholders at the annual and special meeting of shareholders held
on October 11, 2019.
It is expected that the Arrangement will be completed before the
end of October, 2019, subject to the satisfaction or waiver of
certain closing conditions set forth in the arrangement agreement
dated August 13, 2019, as
amended.
Further information about the Arrangement is set forth in the
materials prepared by Cobalt 27, copies of which are available
under the Company's profile on SEDAR at www.sedar.com.
About Cobalt 27
Cobalt 27 Capital Corp. is a leading battery metals streaming
company offering exposure to metals integral to key technologies of
the electric vehicle and energy storage markets. Cobalt 27 holds an
8.56% joint venture interest in the long-life, world-class Ramu
mine which currently delivers near-term attributable nickel and
cobalt production. Cobalt 27 also manages a portfolio of 11
royalties. Cobalt 27 also owns physical cobalt and a cobalt stream
on the Voisey's Bay mine.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes
'forward-looking statements' and 'forward-looking information'
within the meaning of applicable Canadian securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to statements with respect to: the
timing for the completion of the Arrangement; the consideration to
be received by shareholders of Cobalt 27 (including in respect of
the implied value of Nickel 28, which may fluctuate in value); and
the satisfaction of closing conditions including, without
limitation (i) no exercise of the termination rights available to
the parties under the arrangement agreement with respect to the
Arrangement; (ii) Cobalt 27 obtaining the necessary approvals from
the TSX Venture Exchange for the listing of the common shares of
Nickel 28 in connection with the Arrangement; and (iii) other
closing conditions, including, without limitation, other regulatory
approvals and compliance by Cobalt 27 and Pala with various
covenants and representations contained in the arrangement
agreement with respect to the Arrangement. In particular, there can
be no assurance that the Arrangement will be completed. Readers are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements involve known and unknown
risks and uncertainties, most of which are beyond the Company's
control. For more details on these and other risk factors see the
Company's most recent Annual Information Form on file with Canadian
securities regulatory authorities on SEDAR at www.sedar.com under
the heading "Risk Factors". Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No securities regulatory authority has
either approved or disapproved of the contents of this news
release.
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SOURCE Cobalt 27 Capital Corp
