Cameo Cobalt Increases Chilean Land Package by 987%; Expands Chilean Footprint to Two of Three Past Producing Regions
September 25 2018 - 3:00AM
Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB:
SY7N) (the “
Company” or “
Cameo
Cobalt”) is pleased to announce that it has entered into a
share exchange agreement (“
Share Exchange
Agreement”) with Chilean Cobalt Opportunity Corp.
(“
CCOC”) to acquire 100% of CCOC’s issued and
outstanding share capital. CCOC holds an option to acquire a 100%
undivided, unencumbered legal and beneficial interest in the
Montreal Cobalt Project, located 15 km southwest of Santiago in the
past producing Metropolitan Region of Chile.
To satisfy the terms of the Share Exchange
Agreement, the Company will issue a total 12,050,000 Common shares
(“Shares”) issued at a deemed value of $0.20 per
Share and 3,000,000 share purchase warrants
(“Warrants”) valid for a period of two years from
closing with an exercise price of $0.20, to the shareholders of
CCOC to acquire all of the issued and outstanding Shares and
Warrants of CCOC presently outstanding.
Upon completion of the Share Exchange Agreement,
CCOC shareholders will own approximately 16.16% of the Company’s
issued and outstanding share capital. The Company will pay finder’s
fees in accordance with the policies of the TSX-V. All securities
issued pursuant to the Share Exchange Agreement will be subject to
a statutory four-month hold period.
Closing of the Share Exchange Agreement remains
subject to TSX-V approval.
About the Montreal Cobalt
Project
The Vendor reports that the Montreal Cobalt
Project consists of 16 mineral claims and comprises a total of
4,500 hectares. The Company’s Montreal Cobalt Project is less than
2 kilometres away from the past producing Merceditas mine. The
acquisition of the Montreal Cobalt Project has entrenched Cameo
Cobalt in two of the three historic cobalt-producing regions of
Chile.
The Montreal Cobalt Project claims map can be
found by following the below URL link:
https://cameocobalt.com/wp-content/uploads/2018/09/CRU-Montreal-Map-.pdf
Akash Patel, CEO of Cameo Cobalt stated: “The
Company is ecstatic to announce the expansion of its Chilean land
package. Cameo Cobalt now has a material presence in two of the
three historic Chilean cobalt production regions. This acquisition
signals to the marketplace Cameo Cobalt’s commitment to cobalt
exploration in the Southern hemisphere. Management would like to
note that the electric vehicle revolution is still in its infancy,
yet cobalt production remains in a deficit position. Cameo is also
pleased to convey that Company representatives are scheduling site
visits to both the Carrizal and Montreal projects, with the
objective of expediting exploration efforts and advancing regional
relationships.”
Carrizal Cobalt Project
Update
Cameo Cobalt is also pleased to provide a
regional update on its Carrizal Cobalt Project. The Company’s
Carrizal Cobalt Project is situated adjacent to Genlith Inc.'s
Carrizal Alto Project (see Genlith's news release dated April
11th). Genlith Inc. is a Pennsylvania-based holding company focused
on energy storage and critical battery materials. Genlith has
reported that cobalt production occurred on its Carrizal Alto
projects from 1844 through 1944; mostly for military applications
ceasing at the end of the Second World War. Genlith’s Carrizal
Alto development plans include expedited drilling and dimensioning
programs on high-grade past producing mines with the objective of
providing a clear path to full-scale production.
The Company’s Carrizal Cobalt claims map can be
found by following the below URL link:
https://cameocobalt.com/wp-content/uploads/2018/09/CRU-Carrizal-Map.pdf
Genlith Inc. also recently announced the
appointment of John Mitchell as the Company’s new President. Mr.
Mitchell will also assume the role of Chief Executive Officer of
Chilean Cobalt Corp. (“C3”), a subsidiary of Genlith. Mr. Mitchell
joins Genlith after serving as President of Lithium for Albemarle
Corporation. Mr. Mitchell guided Albemarle’s lithium division to a
global market leading position (see Genlith’s news release dated
July 25th, 2018).
CAMEO COBALT CORP.“Akash Patel”
For more information contact:(778) 549-6714
Or Email: lucasbirdsall@gmail.com www.cameocobalt.com
Reader Advisory
This news release contains certain
“forward-looking information” within the meaning of applicable
securities law. Forward-looking information is frequently
characterized by words such as “plan”, “expect”, “project”,
“intend”, “believe”, “anticipate”, “estimate” and other similar
words, or statements that certain events or conditions “may” or
“will” occur. In particular, forward-looking information in this
press release includes, but is not limited to, statements with
respect to the Company’s proposed acquisition, exploration program
and the expectations for the cobalt industry. Although we believe
that the expectations reflected in the forward-looking information
are reasonable, there can be no assurance that such expectations
will prove to be correct. We cannot guarantee future results,
performance or achievements. Consequently, there is no
representation that the actual results achieved will be the same,
in whole or in part, as those set out in the forward-looking
information.
Forward-looking information is based on the
opinions and estimates of management at the date the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
general economic conditions in Canada and globally; industry
conditions, including governmental regulation and environmental
regulation; failure to obtain industry partner and other third
party consents and approvals, if and when required; the
availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market
volatility; liabilities inherent in water disposal facility
operations; competition for, among other things, skilled personnel
and supplies; incorrect assessments of the value of acquisitions;
geological, technical, processing and transportation problems;
changes in tax laws and incentive programs; failure to realize the
anticipated benefits of acquisitions and dispositions; and the
other factors. Readers are cautioned that this list of risk factors
should not be construed as exhaustive.
The forward-looking information contained in
this news release is expressly qualified by this cautionary
statement. We undertake no duty to update any of the
forward-looking information to conform such information to actual
results or to changes in our expectations except as otherwise
required by applicable securities legislation. Readers are
cautioned not to place undue reliance on forward-looking
information.
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.
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