First Cobalt is making good on its pronouncement from last spring to “dominate” the legendary Cobalt mining district.
The Toronto exploration outfit is finalizing its mergers of Cobalt One and CobalTech Mining.
The company reported Nov. 22 that CobalTech Mining shareholders have voted 95 per cent of a merger.
During the summer, First Cobalt announced it had entered into a definitive merger agreement with CobalTech following the signing of a binding letter of intent on June 23.
Earlier this week, Cobalt One shareholders have approved the merger with First Cobalt with 99 per cent of votes cast in favour.
With its enlarged land package, First Cobalt has 50 former cobalt and silver mines spread out over 10,000 hectares in northeastern Ontario, near the Quebec border.
The merger also brings into the fold the only permitted cobalt refinery in North America designed to produce battery materials.
“We now have approval from CobalTech and Cobalt One shareholders to finalize the three-way merger and we look forward to closing both transactions over the next two weeks,” said First Cobalt president-CEO Trent Mell in a Nov. 22 news release.
“First Cobalt now controls approximately 45 per cent of the prospective land in the Cobalt Camp. This historic mining camp has never seen the required land consolidation to permit district-scale exploration and we will remain very active in 2018.”
The companies got a head start on the merger this fall with a prospecting and structural mapping program on a number of properties owned by Cobalt One and CobalTech Mining in preparation for a winter drill program.