Cobalt exploration and development company First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF), together with US Cobalt Inc. (TSX-V: USCO) (OTCQB: USCFF), this morning announced that two independent proxy advisory firms, Institutional Shareholder Services and Glass, Lewis & Co., have recommend that US Cobalt shareholders vote “FOR” the previously announced acquisition by First Cobalt. US Cobalt’s Board of Directors have also unanimously recommended that the shareholders vote in favor of the transaction. Per the terms of the transaction, all issued and outstanding common shares of US Cobalt will be exchanged on the basis of 1.5 First Cobalt common shares for each US Cobalt share. Registered US Cobalt securityholders can vote by proxy, which must be received by Computershare Trust Company of Canada by 11:00 am Pacific time on May 15, 2018. The meeting of US Cobalt securityholders to approve the transaction will be held on May 17, 2018.
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About US Cobalt
US Cobalt is focused on the acquisition and development of high grade battery metal deposits in North America. The Iron Creek Cobalt Project, located in the prolific Idaho Cobalt Belt, is the focus of a 40-hole, 35,000 foot (10,700 metre) drill campaign to confirm a 1.3M ton grading 0.59% cobalt historical estimate (non-compliant with NI 43-101) and a Resource Estimate prepared in accordance with NI 43-101 is expected on the project in 2018. As an exploration company with cobalt and lithium assets in both Idaho and Utah, US Cobalt is well positioned in the pipeline for potential future production of battery grade metals which are critical components to power storage solutions including lithium-ion batteries for electric vehicles and consumer electronics. For more information, visit the company’s website at www.uscobaltinc.com.
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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