Under the terms of the Arrangement, each Cobalt 27 common share held was exchanged for C$4.00 in cash and one common share of Conic
Cobalt 27 and Pala Investments complete arrangement. Photo: courtesy of rawpixel from Pixabay.
Cobalt 27 Capital and Pala Investments Limited (“Pala”) announced the completion of the previously-announced plan of arrangement under the Business Corporations Act (British Columbia) (“Arrangement”) which provided for the acquisition by Pala of 100% of Cobalt 27’s issued and outstanding common shares (other than the approximately 19% that Pala already owned), and the creation of Conic Metals Corp. (“Conic”).
The Arrangement was approved by Cobalt 27’s shareholders at an annual general and special meeting held on October 11, 2019, and by the Supreme Court of British Columbia on October 16, 2019. Under the terms of the Arrangement, each Cobalt 27 common share held was exchanged for C$4.00 in cash and one common share of Conic.
The TSX Venture Exchange (the “TSX-V”) has conditionally approved the listing of the Conic common shares and it is anticipated that the Conic common shares will commence trading on the TSX-V in early November under the symbol “NKL” upon final acceptance of Conic’s Form 2B Listing Statement and other related deliverables. Cobalt 27 intends to promptly apply to de-list its common shares from the TSX-V and cease to be a reporting issuer in each of the provinces and territories of Canada.
Source: Company Press Release