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CBLT Announces Filing of Preliminary Prospectus and Report by Optionee of Chilton Cobalt
Burlington, Ontario--(Newsfile Corp. - January 9, 2023) - CBLT Inc. (TSXV: CBLT) ("CBLT") owns 10...
About this update from Cblt Inc
[{"type":"text","content":"CBLT Announces Filing of Preliminary Prospectus and Report by Optionee of Chilton CobaltBurlington, Ontario--(Newsfile Corp. - January 9, 2023) - CBLT Inc. (TSXV: CBLT) (\"CBLT\") owns 100% of the Chilton Cobalt property (\"Chilton Cobalt\") in Quebec, Canada. PowerStone Metals Corp. (\"PowerStone\") owns a previously announced option to acquire title to Chilton Cobalt, subject to the completion of four conditions. On November 21, 2022 CBLT Inc. announced PowerStone had satisfied the first three conditions of the Option, including issuing to CBLT one million special warrants (the \"Special Warrants\").Powerstone is making progress towards satisfying the fourth condition, which is to carry out a further $100,000 of qualified work at Chilton Cobalt by September 23, 2024. Towards that goal, CBLT is pleased to announce Powerstone has filed a preliminary prospectus and a NI43-101 report on its SEDAR page, which can be found at https://bit.ly/3WU485K. Powerstone has also advised it has applied to the Canadian Securities Exchange for a listing of Powerstone's common shares. CBLT has no part in and cannot control that listing process, and there are no assurances that Powerstone's shares will be listed in 2023 or ever or that Powerstone will receive a receipt for its final prospectus.Readers are encouraged to read Powerstone's draft prospectus and its NI43-101 report. The report recommends a two-phase exploration program including, among other steps, the drilling of 39 holes. Quoting from page 13 of the NI43-101 report:The authors believe that the deposit has prospective geology for discovering additional mineralized zones and the Company should continue to refine its understanding of the Property and define other potentially mineralized shear and fault/altered structures.Shareholders are reminded that CBLT has announced an intention to declare a dividend of 750,000 of the PowerStone common shares that will result from the Special Warrants, assuming Powerstone receives a receipt for its final prospectus. The declaration of the dividend is intended to happen immediately after Powerstone obtains a receipt for its final prospectus but prior to any listing of the resulting common shares on a stock exchange. See CBLT's June 13, 2022 press release for details. That dividend has not yet been declared.Finally, CBLT announces Dr. Lesley Rose is r...