Jervois Mining is pleased to announce that it has closed the previously announced plan of arrangement with eCobalt Solutions under the Business Corporations Act (British Columbia).
Image: The merger creates an industry leading cobalt investment vehicle with significant nickel and copper exposure, and strong development stage assets. Photo: Courtesy of rawpixel from Pixabay.
Pursuant to the terms of the Arrangement, Jervois will acquire the issued and outstanding common shares of eCobalt (other than the common shares of eCobalt already owned by Jervois), and, in exchange, shareholders of eCobalt will receive 1.65 ordinary shares of Jervois for each eCobalt common share held.
The merger creates an industry leading cobalt investment vehicle with significant nickel and copper exposure, strong development stage assets with a global pipeline of attractive development opportunities and exploration projects. The pro forma company is well financed to advance and further de-risk its project pipeline on the back of Jervois’ recently announced successful capital raise.
Under the Arrangement, upon completion eCobalt is entitled to nominate two of its directors to join Jervois’ Board of Directors. Consequently, Michael Callahan and Scott Hean will be appointed to the Jervois Board as Non-Executive Directors.
Mr. Callahan is the previous Chief Executive Officer of eCobalt and an Idaho native. Mr. Callahan joined eCobalt in October 2018; prior to this, whilst an executive at Hecla Mining, he established and led numerous sizeable operations in North America and internationally.
Mr. Hean was appointed to the Board of eCobalt in March 2014 and became Chairman in June 2017. Mr. Hean has more than 35 years of experience in mining capital markets, including as CFO of Quaterra Resources. Mr. Hean was previously a Senior Vice President and Managing Director with the Bank of Montreal in Canada and served with JP Morgan in New York.
Concurrently, Simon Clarke will step down from the Jervois Board of Directors to become Executive General Manager – Corporate Affairs of the Company.
Source: Company Press Release.