TORONTO, May 2, 2019 /CNW/ - First Cobalt Corp. (TSX-V:
FCC; ASX: FCC; OTCQX: FTSSF) (the "Company") today announces it has
applied to the Australian Securities Exchange (the "ASX") for the
removal of the Company from the official list of the ASX under ASX
Listing Rule 17.11. Subject to ASX approval, the Company expects
that trading in First Cobalt's CHESS Depository Interests ("CDIs")
will be suspended on the ASX on or around the close of trading on
June 13, 2019 and the delisting will
take place on or around June 20,
2019.
The Company is currently listed on two securities exchanges –
the ASX and the TSX Venture Exchange (the "TSX-V"). Following the
expected delisting from the official list of the ASX, First Cobalt
will be removed from the official list of the ASX and its CDIs will
no longer be tradeable on the ASX.
The Company's common shares will remain listed on the TSX-V
under the ticker FCC and will also continue to trade on the
OTCQX® Best Market under the ticker FTSSF.
Reasons for Voluntary Delisting
First Cobalt is proposing to delist from the official list of
the ASX for the following reasons:
- comparatively low average daily trading volume of the Company's
securities listed on ASX relative to the TSX-V;
- given the register of CDIs is tightly held, First Cobalt has
experienced difficulty in raising additional capital either from
new or existing shareholders on the Australian register; and
- First Cobalt is based in North
America and does not have any interests in any Australian
cobalt projects or any material Australian business
operations.
First Cobalt considers the financial, administrative and
compliance obligations and costs associated with an ASX listing,
including the higher level of regulatory compliance costs
associated with a dual listing, noting that there are a number of
material differences between the TSX-V listing rules and the ASX
listing rules, unjustifiable and not in the best interests of First
Cobalt security holders.
Shareholder Information Pack
An information pack setting out further details in relation to
the delisting, including details of a voluntary sale facility which
will operate for at least two months after the delisting date, will
be published on the ASX and sent to CDI holders shortly after First
Cobalt receives formal delisting approval from the ASX.
About First Cobalt
First Cobalt is a Canadian-based pure-play cobalt company and
owner of the only permitted primary cobalt refinery in North America. The Company is exploring a
restart of the First Cobalt Refinery in Ontario, Canada, which could produce 2,000
tonnes of cobalt sulfate or metallic cobalt per year. First
Cobalt's main cobalt project is the Iron Creek Cobalt Project in
Idaho, USA, which has Inferred
mineral resources of 26.9 million tonnes grading 0.11% cobalt
equivalent, or an alternative underground-only scenario of 4.4
million tonnes grading 0.3% cobalt equivalent.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Estimates of
Resources
Readers are cautioned that mineral resources are not economic
mineral reserves and that the economic viability of resources that
are not mineral reserves has not been demonstrated. The estimate of
mineral resources may be materially affected by geology,
environmental, permitting, legal, title, socio-political, marketing
or other relevant issues. The mineral resource estimate is
classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum's "2014 CIM Definition Standards on
Mineral Resources and Mineral Reserves" incorporated by reference
into NI 43-101. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies or economic studies except for Preliminary Economic
Assessment as defined under NI 43-101. Readers are cautioned not to
assume that further work on the stated resources will lead to
mineral reserves that can be mined economically. An Inferred
Mineral Resource as defined by the CIM Standing Committee is "that
part of a Mineral Resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Geological evidence is sufficient to imply but not verify
geological and grade or quality continuity. An Inferred Mineral
Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration."
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements are set
forth in the management discussion and analysis and other
disclosures of risk factors for First Cobalt, filed on SEDAR at
www.sedar.com. Although First Cobalt believes that the information
and assumptions used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, First Cobalt disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
SOURCE First Cobalt Corp.