The hearing for the final order is expected to take place on November 24. Following court approval and the satisfaction or waiver of all other conditions, the arrangement will become effective on the date the final order is filed with the registrar of companies, which is expected to occur on or before the last day of November.
"We are pleased to have overcome the challenges faced in completing this transaction, and to finally be in a position to complete on the arrangement agreement," said Erin Chutter, president and chief executive officer of Global Cobalt.
Alexei Musteatsa, executive director of Global Cobalt shareholder Imperial Mining Holding (IMHL), said: "IMHL is satisfied with the efforts made by Global Cobalt in meeting the conditions of the arrangement and has agreed to proceed with Global Cobalt's application to the court. We look forward to the successful completion of this transaction."
When the arrangement finally closes, Global Cobalt shareholders, other than IMHL, will receive one share in the new company for every share they currently own in Global Cobalt.
Global Energy Metals, which will apply for a stock exchange listing, is to acquire the Werner Lake cobalt project and will assume certain outstanding debts of Global Cobalt.
Global Cobalt shares will continue to be listed on the TSX Venture Exchange.