The Arrangement was previously approved by Cobalt 27 shareholders at the annual and special meeting of shareholders held on October 11, 2019
Image: Cobalt, fraction of a cathode, 2 x 2 cm. Photo courtesy of Jurii/Wikipedia.
Cobalt 27 Capital Corp. (TSXV: KBLT) (“Cobalt 27” or the “Company”) announced today that the Supreme Court of British Columbia issued a final order approving the previously-announced statutory plan of arrangement under the Business Corporations Act (British Columbia) pursuant to which Pala Investments Limited (“Pala”) will acquire 100% of Cobalt 27’s issued and outstanding common shares (other than the approximately 19% that Pala already owns) (the “Arrangement”). Under the Arrangement, each Cobalt 27 shareholder will receive C$4.00 in cash plus one share of Nickel 28 Capital Corp. (“Nickel 28”) with an implied value of C$1.92 per share for total consideration of C$5.92 per share.
The Arrangement was previously approved by Cobalt 27 shareholders at the annual and special meeting of shareholders held on October 11, 2019.
It is expected that the Arrangement will be completed before the end of October, 2019, subject to the satisfaction or waiver of certain closing conditions set forth in the arrangement agreement dated August 13, 2019, as amended.
Source: Company Press Release