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Cobalt Blockchain Updates Private Placement/Announces Adoption of New Stock Option Plan and By-Law
Toronto, Ontario--(Newsfile Corp. - November 6, 2020) -  Cobalt Blockchain Inc. (TSXV: CO...
About this update from Enerev5 Metals Inc.
[{"type":"text","content":"Cobalt Blockchain Updates Private Placement/Announces Adoption of New Stock Option Plan and By-LawToronto, Ontario--(Newsfile Corp. - November 6, 2020) -  Cobalt Blockchain Inc. (TSXV: COBC) (OTC Pink: COBCF) (\"COBC\" or the \"Company\") announces that the TSX Venture Exchange has granted a further extension of up to 30 days for completion of the balance of the Company's private placement of up to $4.5 million of units announced on August 14, 2020. Each unit is priced at $0.05 and consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to acquire one additional common share at a price of $0.20 for a period of 24 months from the closing date. To date, the Company has completed two tranches of the private placement on a brokered basis raising gross proceeds of an aggregate of $2,005,000 from the sale of 40,100,000 units. The Company also announces that its board of directors has adopted a new 10% rolling stock option plan and new general by-law for the Company modernizing and updating the prior versions of each. The new stock option plan supersedes and replaces the Company's existing 10% rolling stock option plan and all outstanding stock options are deemed to be issued under and are governed by the new plan. The new general by-law includes advance notice provisions for the nomination of directors common for public companies in Canada today. The advance notice provisions require advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company other than pursuant to (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (Ontario) (the \"Act\") or (ii) a shareholder proposal made pursuant to the provisions of the Act. The new stock option plan and general by-law are effective immediately but are subject to ratification by shareholders at the Company's annual and special meeting to be held on Friday, December 18, 2020 (the \"Meeting\"). A copy of the new by-law has been filed and is available under the Company's profile on SEDAR at www.sedar.com and additional details will be contained in the Company's management information circular for the Meeting, expected to be filed on SEDAR shortly. To be valid, any advance notice for the nomin...