Swiss investment firm Pala closed its privatization of Cobalt 27 Capital Corp, a Toronto-based battery metals streaming company. According to terms of the arrangement, each Cobalt 27 common share held was exchanged for C$4.00 in cash and one common share with an implied value of C$1.92 of the newly created Conic Metals Corp. The Conic common shares will begin trading on the TSX Venture Exchange in early November under the ticker symbol “NKL.”
TORONTO, ONTARIO, October 25, 2019 — Cobalt 27 Capital Corp. (TSXV: KBLT) (“Cobalt 27” or the “Company”) and Pala Investments Limited (“Pala”) are pleased to announce the completion of the previously-announced plan of arrangement under the Business Corporations Act (British Columbia) (“Arrangement”) which provided for the acquisition by Pala of 100% of Cobalt 27’s issued and outstanding common shares (other than the approximately 19% that Pala already owned), and the creation of Conic Metals Corp. (“Conic”).
The Arrangement was approved by Cobalt 27’s shareholders at an annual general and special meeting held on October 11, 2019, and by the Supreme Court of British Columbia on October 16, 2019. Under the terms of the Arrangement, each Cobalt 27 common share held was exchanged for C$4.00 in cash and one common share of Conic.
The TSX Venture Exchange (the “TSX-V”) has conditionally approved the listing of the Conic common shares and it is anticipated that the Conic common shares will commence trading on the TSX-V in early November under the symbol “NKL” upon final acceptance of Conic’s Form 2B Listing Statement and other related deliverables. Cobalt 27 intends to promptly apply to de-list its common shares from the TSX-V and cease to be a reporting issuer in each of the provinces and territories of Canada.
Registered Cobalt 27 shareholders who have questions or require assistance with submitting their Cobalt 27 shares to the Arrangement may direct their questions to TSX Trust Company, who is acting as depositary under the Arrangement by email at TMXEInvestorServices@tmx.com or at (416) 342-1091 or toll-free at 1 (866) 600-5869. Non-registered Cobalt 27 shareholders should contact their brokers or other intermediary with any questions or for instructions or assistance with submitting their Cobalt 27 shares for the Arrangement. Further information regarding the Arrangement is also available in the management information circular of the Company dated August 13, 2019, as supplemented on October 3, 2019, copies of which are available under Cobalt 27’s profile on SEDAR at www.sedar.com.
Pala is an investment company focused on the raw materials value chains that drive the global economy. Pala’s team has extensive experience, with a strong track record of successful investments and value creation. Pala seeks to assist companies by providing strategic support and innovative solutions in development, growth and turnaround situations. Pala invests across all raw materials as well as the associated businesses critical to building sustainable value chains for the future, including extraction, processing, recycling, logistics and technology.