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  • Global Cobalt Shareholders Okay Global Energy Metals Spin-Out

    Global Cobalt (CVE:GCO), an exploration stage company, said its shareholders have voted unanimously in favour of the spin-out of the new company Global Energy Metals Corporation at the annual general and special meeting held in Vancouver, British Columbia, on Monday.

    "The approval of the Global Cobalt transaction is an important step in regaining value for shareholders and capitalizing on all assets, as well as listing Global Energy Metals as a vehicle for the acquisition and development of battery metals projects," Global Cobalt's chief executive officer Erin Chutter said in a statement on Tuesday.

    The Karakul Cobalt project in Altai will remain the priority project for Global Cobalt Corporation," Chutter said.

    On April 7, Global Cobalt unveiled its intention to reorganize into two companies.

    Global Cobalt intended to spin-off Global Cobalt's interests in the Werner Lake property and the Iron Creek property, so that they are indirectly held by a separate public company, Global Energy Metals Corporation.

    On August 21, the company terminated the lease for Iron Creek clearing the way for Global Energy Metals to enter into a new agreement with Chester Mining to acquire the Idaho based property.

    As of the effective date, Global Cobalt will transfer to Global Energy Metals all of Global Cobalt's interests in the Spin-Off Properties. As consideration for the Spin-Off Properties,

    Global Energy expects to issue to Global Cobalt 78,252,177 Global Energy shares, which Global Cobalt will then distribute to Shareholders, other than IMHL and its affiliates and associates, on the basis of one Global Energy Metals share for each Global Cobalt common share held immediately prior to the effective date.

    In addition to the transfer of the spin-off properties, on the effective date Global Cobalt will transfer to Global Energy Metals theGlobal Energy Metals Assumed Debt (for which Global Energy will assume liability).

    At the annual general and special meeting, shareholders also approved an ordinary resolution approving the Imperial Mining Holding Ltd debt conversion as a condition in order to complete the spin-out deal.

    Any shares issued will be in accordance with the TSX-V, provided that such price shall be equal to or greater than $0.05 per share, according to the statement.

    The strategic reorganization is subject to final approval of the Supreme Court of British Columbia and other customary conditions and regulatory approval, including the approval of the TSX Venture Exchange.

    Founded in 2007, Global Cobalt takes advantage of the global transformation that is occurring in the strategic metals sector of the mining industry. Through a combination of acquisitions and internally developed businesses, the company exploits market opportunities as they emerge in various sectors of the energy metals sector with emphasis on those metals, such as cobalt, used in the rechargeable battery space.

    Shares of the Vancouver-based company were up 17% at C$0.0350 on Tuesday.

    Tags: GLBCF
    Sep 01 3:44 PM | Link | Comment!
  • Mawson Resources Eyeing First Resource At Palokas In Q2 2016

    Mawson Resources (TSE:MAW) says it's aiming to calculate a maiden mineral resource for the Palokas discovery at the Rompas project in Finland in the second quarter of 2016 after it unveiled the latest high grade results from the project.

    The gold mineralisation at the property remains open in all directions, while tests on the core have demonstrated excellent extraction of between 95% and 99% (average 97%), the company said.

    The first hole of the current programme returned 19 metres at 5.3 grams per tonne(g/t) from 38.7 metres, while the immediate up dip results have included 19.6 metres at 7.5 g/t gold from 18.1 metres.

    Drilling is continuing at the site with the anticipated programme until the end of October to consist of up to 12 holes.

    Michael Hudson, the group's president and chief executive, said: "This is another great outcome for our investors and the fourth +100 grade thickness (g/t x m) gold intersection recorded at Palokas within a continuous zone from surface to 50 metres depth, confirming the significance of this discovery.

    "Given the encouragement received to date from wide, consistent and high gold grades, we will plan to increase our Winkie-rig capacity at Palokas to 3 to 4 rigs this winter, with the aim to be in a position to calculate the first mineral resource at Palokas in Q2 2016.

    "We look forward to releasing further drill results as they become available."

    Tags: MWSNF
    Sep 01 2:24 PM | Link | Comment!
  • Madalena Unveils Grant Of Options, Executive Appointment

    Madalena Energy (CVE:MVN) (OTCPK:MDLNF), a Canadian-based Argentina focused, upstream oil and gas company, announced the grant of 15,563,158 options to certain officers, employees and directors of the company and its subsidiaries as part of its compensation procedures.

    Of the options granted, a total of 15,163,158 options were granted to directors and executive officers of the company or its subsidiaries, the Calgary, Alberta-based company said in a statement on Monday.

    The grant of options is the first grant to executive officers in over two years.

    Each option has an exercise price of $0.30 per share and is exercisable for a period of five years from the date of grant. The options vest over a three year period, one-third per year, commencing on the first anniversary of the date of grant.

    The company's rolling stock option plan was approved by the shareholders at the annual and special meeting of shareholders held on May 26.

    The plan currently reserves up to 54,103,227 common shares of the company for issuance pursuant to options, which is equal to 10% of the number of issued and outstanding common shares.

    Options to purchase 38,645,991 common shares are now outstanding, which is equal to approximately 7.1% of the number of issued and outstanding common shares.

    In addition, 1,416,667 options expire on September 11, 2015 leaving 37,229,324 options outstanding representing approximately 6.9% of the common shares currently outstanding.

    The company also announced the appointment of Stephen Kapusta as vice president, engineering.

    Kapusta previously acted as the companys Head of Engineering.

    Madalena holds over 950,000 net acres in five provinces of Argentina where it is focused on the delineation of large shale and unconventional resources in the Vaca Muerta shale, Lower Agrio shale, Loma Montosa oil play and the Mulichinco liquids-rich gas play.

    The company is implementing horizontal drilling and completions technology to develop both its conventional and resource plays.

    Aug 31 2:24 PM | Link | Comment!
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