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First Cobalt Notes Former eCobalt Executives' Opposition to Value-Destroying Jervois Transaction
First Cobalt Notes Former eCobalt Executives' Opposition to Value-Destroying Jervois Trans...
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[{"type":"text","content":"\n\n\n\nFirst Cobalt Notes Former eCobalt Executives' Opposition to Value-Destroying Jervois Transaction\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.prnml40{\nMARGIN-LEFT:3.33em\n}\n.prnml80{\nMARGIN-LEFT:6.67em\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, July 15, 2019\n\n\n\nTORONTO, July 15, 2019 /CNW/ - First Cobalt Corp. (TSX-V: FCC, OTCQX: FTSSF) (\"First Cobalt\") notes that former key executive and directors of eCobalt Solutions Inc. (TSX:ECS) (\"eCobalt\") have disseminated the following press release opposing the proposed merger with Jervois Mining Limited (ASX:JRV) (\"Jervois\"). \n\n \n \n\n \nThe Company did not participate in the preparation of the letter but believes it to be of interest to all eCobalt shareholders and we have therefore reproduced it in its entirety:\n \"Letter From Concerned Former Executives of eCobalt Solutions Inc.\nDear Shareholders,\nWe have profound concerns regarding the proposed nearly \"at-market\" merger between eCobalt and Jervois and the disclosure found in eCobalt's Management Information Circular dated June 19, 2019 (the \"Circular\").  As shareholders who are the former President & CEO and a former Vice President of eCobalt, we are writing this open letter to communicate how we intend to vote in regard to the Arrangement resolution at eCobalt's upcoming shareholders meeting on July 19, 2019 and the reasons for this decision.  In a nutshell, we believe the proposed \"merger\" is highly beneficial for certain key officers and directors of both companies; however, we are not convinced that it is in the best interest of current eCobalt shareholders for the reasons to be addressed below.\nIt appears to us that the Jervois team has demonstrated they are shrewd negotiators as they have secured the 'YES' votes from all of eCobalt's Directors and Officers, as well as from one of eCobalt's largest shareholders, Dundee Corporation.  This was accomplished while simultaneously ensuring that the current CEO of eCobalt (who was apparently eCobalt's principal negotiator of the deal) is expected to be further enriched as a D...