VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 23, 2017) - Bankers Cobalt Corp. (TSX VENTURE:BANC) (the "Corporation" or "Bankers") announces that it has closed the previously announced acquisition of Katanga Cobalt Corp. ("Katanga"). The acquisition was completed pursuant to the terms of a previously executed Amalgamation Agreement between Bankers, Katanga and a subsidiary of Bankers ("Subco"), under which Subco amalgamated with Katanga. (the "Transaction").
In connection with the Transaction, Bankers issued to the shareholders of Katanga: (i) a total of 64,137,327 common shares of the Corporation in exchange for 100% of the outstanding shares of Katanga and (ii) 17,374,243 share purchase warrants (the "Warrants") in exchange for 100% of the outstanding share purchase warrants of Katanga. The Corporation also issued 500,000 common shares to each of GR7 Consulting Corp. and Altus Capital Partners as finder's fees. The Corporation now has outstanding 72,654,878 common shares, 24,365,268 Warrants and 620,000 stock options. The TSX Venture Exchange has approved the Transaction.
The Corporation also announces that in connection with the Transaction certain previous directors and officers of the Corporation have resigned. The new board of directors of the Corporation is comprised of Stephen Barley, Shu Zhan, Peter Dickie, Geoff Balderson and Lenard Clough. Officers of the Corporation are now Stephen Barley, President and Chief Executive Officer; Murray Flanigan, Chief Financial Officer; and Janet Francis, Corporate Secretary.
The Acquisition was an "Arm's Length Transaction" within the meaning of the TSX Venture Exchange policies and did not require approval of the Corporation's shareholders.
Stephen Barley, the Chief Executive Officer of the Corporation said, "We are very pleased to have successfully completed the amalgamation. Our experienced team will continue with our focus on building accretive stakeholder value out of the tremendous opportunity we have in the cobalt copper space in the DRC."
About Bankers
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the Democratic Republic of Congo ("DRC"). Bankers holds rights to 14 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area in excess of 210 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 14 concessions capable of being currently explored and developed. Bankers has an experienced operations team operating in the southern Copperbelt of the DRC. Bankers believes it is one of the front runners in advancing cobalt and copper exploration by a junior mining company in the DRC.
Kevin Torudag
Upon the closing of the Transaction, Kevin Torudag acquired beneficial ownership and control over 8,850,000 common shares of the Corporation representing approximately 12.18% of the issued and outstanding common shares of the Corporation. 6,850,000 of the common shares are held by Lockwood Financial Corp., a company owned and controlled by Kevin Torudag.
