Business
Cobalt Power Group Proceeds with the Acquisition of Canadian Cobalt Projects
Cobalt Power Group Proceeds with the Acquisition of Canadian Cobalt Projects Canad...
About this update from Power Group Projects Corp.
[{"type":"text","content":"\n\n\n\nCobalt Power Group Proceeds with the Acquisition of Canadian Cobalt Projects\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 18, 2017\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRES./\n\nTSX.V: CPO, Pink Sheets: CBBWF \n\n\n\nVANCOUVER, Sept. 18, 2017 /CNW/ - Cobalt Power Group Inc. (the \"Company\") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce that it has now completed its due diligence review of the business and affairs of Canadian Cobalt Projects Inc. (\"Canadian Cobalt\") and the four separate blocks of mineral claims owned or leased by Canadian Cobalt in the South Lorrain and Lorrain Townships, Ontario which encompasses approximately 7,400 ha of prospective mineral lands. Canadian Cobalt Projects Inc. is an Ontario corporation incorporated specifically for the purpose of acquiring the four (4) blocks of property lands at issue.\n\n\n \n \n\n \nGiven the current events within the Company, which have included a strategic investment by Hochschild Mining Holdings Ltd. (see news release August 30, 2017), the terms of the proposed acquisition were adjusted and the consideration that the parties have now agreed to for Cobalt Power's acquisition of all of the issued and outstanding shares of Canadian Cobalt has been reduced to 29,950,000 shares, plus a 1.5% net smelter returns royalty, of which 75% may be purchased at any time in consideration for a cash payment of (CDN)$1,000,000 (terms of the proposed acquisition were initially announced by the Company on July 27, 2017). Following completion of the transaction, Canadian Cobalt will become a wholly owned subsidiary of Cobalt Power Group. The terms of acquisition are subject to TSX Venture Exchange approval.\n\nHighlights \n\n\nOn completion of the acquisition, Cobalt Power becomes one of the largest landowners in the prolific Cobalt Camp/Silver Centre (land holdings total approximately 21,100 acres - 8,500 ha).\nClaim group is in close proximity to several historic mines, including the former producing Keely and Front...