A northeastern Ontario exploration outfit is finalizing an acquisition of a neighbouring junior miner in the historic Cobalt mining camp.
First Cobalt announced Nov. 20 that Cobalt One shareholders have approved the merger with First Cobalt with 99.995 per cent of votes cast in favour.
“We are one step closer to creating the largest pure-play cobalt company in the world,” said First Cobalt president-CEO Trent Mell in a statement.
“We look forward to seeing First Cobalt shares trade on the ASX (Australian Securities Exchange), as this dual listing will bring a much larger shareholder base and added liquidity.”
Australian court approval for the merger has been granted and trading of Cobalt One shares on the ASX is expected to halt as of November 21, pending the close of the transaction.
The news release did not contain an official closing date.
First Cobalt is out to create the “largest pure-play cobalt exploration and development company in the world” through mergers with Cobalt One Ltd. and CobalTech Mining. It would give control of more than 10,000 hectares of exploration property to First Cobalt, containing 50 historic mining operations along with a mill and a permitted cobalt refinery.
First Cobalt is expected to trade on the ASX under the ticker FCC on a deferred settlement basis effective November 22, subject to regulatory approval.
Once the transaction is complete, First Cobalt’s Board will be reconstituted to include First Cobalt founder Bob Cross, Cobalt One chairman Paul Matysek, and Cobalt One Executive Director Jason Bontempo.