Cobalt 27 Provides Clarification to News Release Announcing TSX Venture Acceptance of Normal Course Issuer Bid
TSX VENTURE: KBLT
TORONTO, Nov. 28, 2018 /CNW/ - Cobalt 27 Capital Corp. ("Cobalt 27" or the "Company") (TSXV: KBLT)(OTCQX: CBLLF)(FRA: 27O), at the request of IIROC, wishes to clarify the news release disseminated by the Company on November 28, 2018, by adding that the Company has appointed Scotia Capital Inc., to conduct the normal course issuer bid ("NCIB") on its behalf, in accordance with applicable Canadian securities laws.
This clarification relates to Cobalt 27's previously announced news release that the TSX Venture Exchange has accepted the Company's notice to implement a NCIB to purchase, for cancellation, up to 8,400,000 of its common shares, representing 9.9% of Cobalt 27's common shares (calculated in accordance with the rules of the TSX-V), over a twelve month period commencing on December 3, 2018. The NCIB will expire no later than December 2, 2019.
All purchases made pursuant to the NCIB will be made through the facilities of the TSX Venture Exchange or alternative Canadian trading systems, in open market transactions or by such other means as may be permitted under applicable securities laws. The price that Cobalt 27 will pay for common shares in open market transactions will be the market price at the time of purchase.
Any daily purchases on the TSX Venture Exchange under the NCIB will be subject to all limitations as set forth in the TSX Venture Exchange rules. As of November 27, 2018, the Company has 84,815,780 common shares issued and outstanding. All Shares purchased by Cobalt 27 under the NCIB will be cancelled.
Cobalt 27 is commencing the NCIB because it believes the market price of its common shares does not fully reflect the underlying value of the Company's assets and future prospects.
About Cobalt 27 Capital Corp.
Cobalt 27 Capital Corp. is a leading electric metals investment vehicle offering exposure to metals integral to key technologies of the electric vehicle and battery energy storage markets. The Company has acquired a cobalt stream on Vale's world-class Voisey's Bay mine beginning in 2021, including the announced underground expansion, is acquiring the world's first producing cobalt nickel stream on the low-cost, long-life Ramu Nickel-Cobalt Mine, and holds one of the world's largest stockpiles of physical cobalt. The Company also manages a portfolio of nine royalties and intends to continue to invest in a cobalt-focused portfolio of streams, royalties and direct interests in mineral properties containing cobalt.
For further information please visit the Company website at www.cobalt27.com or contact:
Betty Joy LeBlanc, BA, MBA
Director, Corporate Communications
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 press release.
Forward-Looking Information: This news release contains certain information which constitutes 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. Forward-looking statements in this news release include, without limitation: statements pertaining to the timing and completion of the buy-back of shares through the Normal Course Issuer Bid. 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. Accordingly, undue reliance should not be placed on these 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 it to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.