TORONTO, April 30, 2018 /CNW/ - First Cobalt Corp. (TSX-V:
FCC; ASX: FCC; OTCQX: FTSSF) (the "Company") is pleased to announce
it has qualified to begin trading on the OTCQX® Best
Market, operated by OTC Markets Group, under its existing ticker
symbol "FTSSF".
The OTCQX market is reserved for established U.S. and global
companies that meet the highest financial standards, follow best
practice corporate governance and are sponsored by a professional
third-party advisor.
Trent Mell, President & Chief
Executive Officer, commented:
"We are very pleased to be moving to OTCQX, offering even
greater transparency and potentially increased liquidity to U.S.
investors through this platform. We believe this is an important
step towards increasing awareness, visibility and potentially
expanding our U.S. shareholder base as we continue to build a
vertically integrated North American cobalt company."
On March 14, 2018, First Cobalt
announced a friendly merger with US Cobalt Inc. (TSX-V: USCO,
OTCQB: USCFF), which remains subject to regulatory approvals. This
transaction will strategically position First Cobalt as a leading
non-DRC cobalt company with three significant North American
assets: the Canadian Cobalt Camp, with more than 50 past producing
mines; the Iron Creek Project in Idaho, which has a historic mineral resource
estimate (non-compliant with NI 43-101) of 1.3M tons grading 0.59% cobalt; and the only
permitted cobalt refinery in North
America capable of producing battery materials. US Cobalt is
scheduled to hold a shareholder vote on May
17, 2018 with the transaction expected to close by the end
of May 2018.
U.S. investors can find current financial disclosure and
Real-Time Level 2 quotes for First Cobalt on
www.otcmarkets.com.
About First Cobalt
First Cobalt aims to create the largest pure-play cobalt
exploration and development company in the world. The Company
controls over 10,000 hectares of prospective land covering over 50
historic mines as well as mineral processing facilities in the
Cobalt Camp in Ontario, Canada.
The First Cobalt Refinery is the only permitted facility in
North America capable of producing
cobalt battery materials.
First Cobalt seeks to build shareholder value through new
discovery, mineral processing and growth opportunities, with a
focus on North America.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. In particular, forward-looking
information included in this news release includes, without
limitation, the anticipated closing date of the Transaction, the
receipt of final court approval and other regulatory approvals.
Factors that could cause actual results to differ materially from
these forward-looking statements are set forth in the management
discussion and analysis and other disclosures of risk factors for
each of First Cobalt and US Cobalt, filed on SEDAR at
www.sedar.com. Although First Cobalt and US Cobalt believe that the
information and assumptions used in preparing the forward-looking
statements are reasonable, undue reliance should not be placed on
these statements, which only apply as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed times frames or at all. Except where required by
applicable law, First Cobalt and US Cobalt disclaim any intention
or obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Historic Estimates
US Cobalt considers the cobalt and copper tonnage and grade
estimates above as historical estimates. The historical estimates
do not use categories that conform to current CIM Definition
Standards on Mineral Resources and Mineral Reserves as outlined in
National Instrument 43-101, Standards of Disclosure for Mineral
Projects ("NI 43-101") and have not been redefined to conform to
current CIM Definition Standards. They were prepared in the 1980s
prior to the adoption and implementation of NI 43-101. A qualified
person has not done sufficient work to classify the historical
estimates as current mineral resources and US Cobalt is not
treating the historical estimates as current mineral resources.
More work, including, but not limited to, drilling, will be
required to conform the estimates to current CIM Definition
Standards. Investors are cautioned that the historical estimates do
not mean or imply that economic deposits exist on the Iron Creek
property. US Cobalt has not undertaken any independent
investigation of the historical estimates nor has it independently
analyzed the results of the previous exploration work in order to
verify the accuracy of the information. US Cobalt believes that the
historical estimates are relevant to continuing exploration on the
Iron Creek property.
SOURCE First Cobalt Corp.