COQUITLAM, BC, June 6, 2019 /CNW/ - Canada Cobalt Works Inc.
(TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Cobalt") is pleased to announce that Global Energy Metals Corp.
("GEMC") has received approval from the TSX Venture Exchange for
the acquisition of Canada Cobalt's Re-2OX technology to accelerate
the advancement of the Lovelock mine and Treasure Box projects.
Highlights
- Re-2OX skips the normal smelting process to achieve
exceptionally high recovery rates for cobalt, nickel and copper,
while also removing 99% of arsenic expanding the potential of the
Lovelock mine by potentially creating battery grade cobalt
sulphate.
- The hydrometallurgical process will complement a wider
exploration and drilling program that will allow for
reinterpretation of historic data and a better understanding of the
ability to unlock potential from GEMC's Nevada based projects.
- GEMC is currently formulating plans for exploration and
drilling programs to advance the battery minerals project.
- The Lovelock and Treasure Box
projects represent an unique opportunity to make a new battery
metals discovery in Nevada, a
proven mining district ranked as the most attractive mining
jurisdiction by the Fraser Institute's Annual Survey of Mining
Companies, 2018.
The Transaction
Details of the transaction is described in GEMC's news release
announced on May 30, 2019, pursuant
to which the GEMC has agreed to purchase a right to use for a
period of one year the Company's Re-2OX technology. In
consideration for use of the technology, GEMC shall pay to Canada
Cobalt a cash payment of $50,000 and
issue 2,000,000 units ("Units") of GEMC at a price of $0.075 per Unit for deemed consideration of
$150,000.
Each of the Units shall consist of one common share and one
transferable common share purchase warrant (collectively,
"Warrants") with each of the Warrants entitling the holder thereof
to acquire one common share of GEMC at the exercise price of
$0.10 per share for a period of 36
months from the date of issuance of the Warrants. Warrants
are subject to an acceleration clause whereby if on any 10
consecutive trading days occurring after four months and one day
has elapsed from their issuance, the daily volume weighted average
trading price of the common shares of GEMC is at least $0.20 per share, GEMC may accelerate the expiry
date of the warrants to the 30th day after the date
on which GEMC gives notice to Canada Cobalt in accordance with the
terms of the Warrants of such acceleration.
Qualified Person
The technical information in this news release was prepared
under the supervision of Frank J.
Basa, P. Eng., Canada Cobalt's President and Chief Executive
Officer, who is a member of Professional Engineers Ontario and a
qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is focused on immediate and longer-term value
drivers at its past producing Castle mine and adjoining land
package in the historic Northern Ontario Silver-Cobalt district,
Canada's cobalt heartland since
the start of the electric vehicle revolution. The Canada Cobalt
"advantage" includes underground access at Castle, an innovative
tailings program with a plan to recover silver, gold and cobalt, a
recently installed pilot plant to produce gravity concentrates on
site, a proprietary hydrometallurgical process known as Re-2OX, and
exciting exploration discovery potential at Castle East.
"Frank J. Basa"
Frank J. Basa, P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Canada Cobalt Works Inc.