Cobalt exploration and development company First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) this morning announced the completion of its previously detailed acquisition of US Cobalt Inc. Per the update, US Cobalt shareholders will receive 1.5 common shares of First Cobalt in exchange for each US Cobalt share owned, and US Cobalt has become a wholly owned subsidiary of First Cobalt. In conjunction with this transaction, First Cobalt has reconstituted its board of directors to include Garett Macdonald, technical advisor with US Cobalt. “Garett Macdonald’s extensive experience as a mine developer is a welcome addition to the board of First Cobalt as we move to fast track activities at the Iron Creek Project in Idaho and leverage synergies with First Cobalt’s refinery in Ontario,” Trent Mell, president and CEO of First Cobalt, stated in the news release. “I am pleased to welcome him to the board and I look forward to his input on strategy and execution.”
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About First Cobalt Corp.
First Cobalt aims to create the largest pure-play cobalt exploration and development company in the world. First Cobalt 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. For more information, visit the company’s website at www.FirstCobalt.com
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