TORONTO, Oct. 2, 2019 /CNW/ - First Cobalt Corp. (TSX-V:
FCC; OTCQX: FTSSF) (the "Company") is pleased to announce that
John Pollesel has been named
non-executive Chairman and that Susan
Uthayakumar has been elected to the Company's Board of
Directors.
John Pollesel, Chairman of the
Board, commented:
"On behalf of the senior leadership team, I would like to
thank outgoing Chairman Paul Matysek
for his leadership during the early years of First Cobalt. I am
also delighted to welcome Susan
Uthayakumar to the board as I am confident her global
management experience will serve us well as we transition from a
start up company to a cobalt refiner. We are also grateful that
Henrik Fisker will continue to work
with First Cobalt as a Special Advisor while he continues to build
his electric vehicle platform.
"With a sharp recovery in cobalt prices and a framework
agreement with Glencore to recommission and expand the First Cobalt
Refinery, the year ahead stands to be an exciting one for us and
our shareholders. I look forward to leading the Board and working
with Trent and the senior leadership team to execute our business
plan and advance towards first cash flow by the fourth quarter of
2020."
John Pollesel has over 30 years
of experience in mining and was previously COO and Director of Base
Metals Operations for Vale's North Atlantic Operations, where he
was responsible for the largest underground mining and
metallurgical operations in Canada. Prior to this, he was Vice President
and General Manager for Vale's Ontario Operations. More recently,
he was Senior Vice President, Mining at Finning Canada. John also
served as CFO for Compania Minera Antamina in Peru, responsible for executive management in
one of the largest copper/zinc mining and milling operations in the
world. He is currently leading a private company that is developing
an international fertilizer mining operation and serves on the
board of directors for North American Construction Group and Noront
Resources Ltd.
Susan Uthayakumar is President of
Schneider Electric Canada, a French-headquartered Fortune Global
500 company and a global leader in digital transformation of energy
management and automation. Ms. Uthayakumar is a business executive
with almost 25 years of experience in finance and executive
management, including 15 years with Schneider Electric. She began
her career as a Chartered Accountant with Deloitte, where she held
positions of increasing responsibilities before joining McCain,
where she executed global growth strategies and acquisitions across
North America, Europe and Asia. Ms. Uthayakumar is a CA and CPA and has
an Executive MBA from the Kellogg School of Management.
Henrik Fisker, Chairman and CEO
of Fisker Inc., will continue with First Cobalt as a Special
Advisor to the Board while he develops the next generation of
electric vehicle expertise and advances his mission to make the
world's most sustainable vehicles. Fisker has become synonymous
with iconic cars and Henrik's vision is behind some of the most
emotionally appealing vehicles ever created, including the BMW Z8,
the Aston Martin DB9/V8 Vantage, VLF Force 1 to the Fisker Karma
and more.
Detailed results of the vote for the election of directors held
at the annual shareholders meeting on October 1, 2019 are set out below.
Nominee
|
Votes
For
|
%
For
|
Votes
Withheld
|
%
Withheld
|
Garett
Macdonald
|
46,496,869
|
99.2%
|
373,604
|
0.8%
|
Trent Mell
|
45,890,631
|
97.9%
|
979,842
|
2.1%
|
CL "Butch"
Otter
|
46,486,696
|
99.2%
|
383,777
|
0.8%
|
John
Pollesel
|
46,507,766
|
99.2%
|
362,707
|
0.8%
|
Susan
Uthayakumar
|
46,509,115
|
99.2%
|
361,358
|
0.8%
|
All other resolutions provided for in the management information
circular were also approved. The amended and restated long-term
incentive plan remains subject to receipt of final acceptance from
the TSX Venture Exchange.
In connection with the new director appointment, the Company has
issued incentive grants to purchase 300,000 common shares of First
Cobalt exercisable at a price of $0.16 for a period of five years. Additionally,
the Company issued incentive grants to a consultant to purchase
50,000 common shares of Frist Cobalt, also exercisable at a price
of $0.16 for a period of five years.
The grant of options remains subject to the approval of the TSX
Venture Exchange.
In connection with services rendered for the quarter ended
September 30, 2019, the Company has
issued 607,325 Deferred Share Units (DSUs) in lieu of cash
compensation that directors would have been entitled to. In
accordance with the Company's Amended and Restated Long-Term
Incentive Plan, the DSUs were priced based on yesterday's closing
price of the Company's common shares on the TSX Venture Exchange.
DSUs vest immediately but may not be exercised until a director
ceases to serve on the Board.
About First Cobalt
First Cobalt is a North American 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 over
5,000 tonnes of contained cobalt in sulfate per year from third
party feed. First Cobalt's main cobalt exploration project is the
Iron Creek Cobalt Project in Idaho,
USA, which has an inferred mineral resource estimate
available on the Company's website. The Company also controls a
significant land package in the Canadian Cobalt Camp spanning over
100 km2, which contains more than 50 past producing
mines.
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.
SOURCE First Cobalt Corp.