June 26, 2017 / 6:22 PM / a month ago

BRIEF-Cobalt One to merge with First Cobalt

1 Min Read

June 26 (Reuters) - First Cobalt Corp:

* Cobalt one to merge with first cobalt

* Deal implies a total transaction value of approximately $140 million on a fully diluted in money basis

* Cobalt One shareholders to receive 0.145 of Co's common share for each cobalt one ordinary share,representing equivalent of a$0.11/co1 share

* Co intends to acquire all of issued and outstanding common shares of cobalt one by way of a court approved scheme of arrangement

* Following completion of arrangement, it is intended that co's board will be reconstituted to include Cobalt One chairman Paul Matysek

* Cobalt One shareholders will maintain a majority stake in MergeCo

* Co's board will be reconstituted to include cobalt one executive director Jason Bontempo,Robert Cross and some or all of current co board members

* Arrangement to constitute a reverse-takeover of First Cobalt under policies of TSXV Source text for Eikon: Further company coverage: [FCC.V CO1.AX] (Reporting by Indranil Sarkar)

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