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Global Cobalt Spin-Out Reaches Finish Line

|Includes: Global Cobalt Corp (GLBCF)

Global Cobalt (CVE:GCO) has completed the spin-out of its Global Energy Metals division after all conditions were waived or satisfied.

The plan of arrangement concerned Global Cobalt, major shareholder Imperial Mining Holding (IMHL), and Global Energy Metals.

Chief executive of Global Cobalt said: "...(we) are hopeful that our shareholders will now receive full value for the aggregate of the assets now that they are segregated into separate companies.

"As Global Energy Metals, we will continue to identify opportunities to add shareholder value moving forward in the battery and energy storage metals sector."

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's shares will continue to trade on the venture exchange under the trading symbol GCO.

The company continues to hold an option on the Karakul Cobalt Property, located in the Altai Republic, Russia, which will be its principal property.

The firm believes Karakul has the potential to become a key supplier for the Chinese cobalt market given its closeness to China.