TORONTO, Nov. 9, 2018 /CNW/ - Cobalt
Blockchain Inc. ("COBC" or the "Company") (TSX-V: COBC; OTCQB:
COBCF) is pleased to provide a corporate update related to progress
on the Company's cobalt project in the Democratic Republic of the Congo ("DRC")
including:
- Status of the DRC copper / cobalt joint venture properties;
- Commissioning study on the DRC cobalt hydroxide plant;
- Renewal of offer for US$10M
credit facility;
- Trading on the OTCQB Venture Market; and,
- Conferences and events.
DRC Copper / Cobalt Joint Venture Properties
Further to COBC's announcement on March. 22, 2018, two local
joint venture ("JV") companies have been formed, namely Alpha
Cobalt SAS and Cobalt Blockchain SAS. Initial property payments
totalling US$125,000 have been made
to the local JV partners on the completion of due diligence related
to property title and a baseline geological assessment. A further
US$275,000 in cash, 300,000 shares
and 300,000 options (on terms to be agreed upon on or prior to
closing) will be paid to the local JV partners on completion of
further milestones. The transactions described under this heading
are subject to approval of the TSX Venture Exchange.
A NI 43-101 compliant technical report on both properties
acceptable to the TSX Venture Exchange must be completed before the
final closing of the JV agreements.
Commissioning Study on Cobalt Hydroxide Processing
Plant
With reference to the Letter of Intent ("LOI") with Traxys
Europe S.A. ("Traxys") (as previously announced on August. 7,
2018), COBC has engaged Minxcon Consulting (Pty) Limited, a
South Africa based consulting
engineering firm, to provide a commissioning study to confirm the
time and capital costs required to commence operation of the DRC
cobalt hydroxide plant. After the plant is commissioned, the
initial feed will come from sources arranged by the Company such as
the supply agreement previously announced on April 1, 2018. Upon a NI43-101 compliant
technical report that includes resources on the above described
joint venture properties having been obtained, feed for the plant
may also come from these properties.
The closing of the arrangements with Traxys concerning the
cobalt hydroxide plant are subject to approval of the TSX Venture
Exchange and no significant resources will be allocated by the
Company to the arrangements with Traxys before the final acceptance
of the Exchange.
Renewal of Offer for Credit Facility
Further to the Letter of Intent ("LOI") with the United Bank for
Africa plc ("UBA") (as announced
on June 14, 2018), UBA has extended
the offer for the US$10 million
credit facility to December 8,
2018. The initial tranche will include US$2.0 million towards commissioning the cobalt
hydroxide plant and US$1.5 million
for purchasing ethically-sourced cobalt concentrates. The credit
facility will be secured with US$350,000 in cash representing 10% of the loan
amount. The agreement with UBA for the credit facility is subject
to approval of the TSX Venture Exchange.
Now Trading on the OTCQB Venture Market
COBC is pleased to announce it has qualified to begin trading on
the OTCQB® Venture Market under its existing ticker symbol
"COBCF". Moving to the OTCQB is an important step towards
increasing awareness, visibility and potentially expanding the
Company's U.S. shareholder base.
OTCQB companies are current in their reporting and undergo an
annual verification and management certification process. Investors
can find Real-Time quotes and market information for the company on
www.otcmarkets.com.
Conferences and Events
Over the past few months, the Company has presented keynotes and
participated in panels at key mining and blockchain events,
including:
- Argus LiCoNi Conference 2018 (Singapore, Aug 28 -
29)
- Argus Blockchain in Metal Trading (Singapore, Aug
30)
- Kolwezi Mining Week (Kolwezi, DRC, Sep
12 - 14)
- IMPACT (Previously Partnership Africa Canada) From Driving
Conflict to Building Peace: Empowering Local Transformation of
Natural Resources Conference (Ottawa, Sep
25)
- Massachusetts Institute of
Technology ("MIT") Center for Transportation and Logistics,
Blockchain Applications in Supply Chain Management Roundtable
(Cambridge, MA, Oct 9 - 10)
- Internet of Values ("IOV") Blockchain Solutions for a Changing
World Conference (Paris,
Oct 17)
- Responsible Minerals Initiative ("RMI") Annual Conference
(Santa Clara, CA, Oct 29 - Nov 1)
Upcoming conferences and events include:
- Mining Investment China (Beijing, Nov 7 -
8)
- Mining Investment London (UK, Nov 22 -
23)
- The Empire Club of Canada's
Blockchain Panel: The Business of Blockchain (Toronto, Nov
23)
- Mines and Money London (UK, Nov 26 -
29)
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV:COBC) is a Canadian resource
company expanding its exploration and development business to
include cobalt assets in the Democratic
Republic of the Congo ("DRC"); it holds export trading
licenses for 3T, copper and cobalt from the DRC. COBC is the first
mining and mineral trade company set up specifically to procure
cobalt in compliance with the Organisation for Economic
Co-operation and Development ("OECD") due diligence framework. COBC
has developed and is implementing a blockchain-based reporting
platform to provide greater certainty of provenance and further
assurance that all minerals procured are ethically-sourced. Senior
management have over twelve years of experience working in the DRC
and a proven international track record in exploration success and
the trading of certified conflict-free, child-labour-free
minerals.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cobalt Blockchain Inc.