TORONTO, ONTARIO--(Marketwired - Aug. 24, 2017) - First Cobalt Corp. (TSX VENTURE:FCC) (OTC:FTSSF) (the "Company") is pleased to announce that the TSX Venture Exchange has approved the resumption of trading in First Cobalt common shares, and trading will resume at the market open on Monday, August 28.
The resumption of trading in the Company's shares is another step forward on the path to completion of First Cobalt's proposed merger with Cobalt One Limited (ASX:CO1). The Company is on track to close this transaction, as well as the acquisition of CobalTech Mining Inc (announced June 26, 2017) in the fourth quarter.
Under the terms of the transaction, Cobalt One shareholders will receive 0.145 of a First Cobalt common share for each Cobalt One ordinary share. This exchange ratio implies a total transaction value of approximately $140 million on a fully diluted in-the-money basis. Following completion of the transaction, it is intended that the Company's Board would be reconstituted to include Cobalt One Chairman Paul Matysek, Cobalt One Executive Director Jason Bontempo and Robert Cross.
Completion of both transactions remains subject to a number of conditions, including approval by the shareholders of Cobalt One and CobalTech, the listing of First Cobalt on the Australian Securities Exchange and receipt of all required regulatory approvals, including final approval of the TSX Venture Exchange and the Australian Securities and Investments Commission.
