REPEAT: Cameo Cobalt Increases Chilean Land Package by 987%; Expands Chilean Footprint to Two of Three Past Producing Regions
VANCOUVER, British Columbia, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo Cobalt”) is pleased to announce that it has entered into a share exchange agreement (“Share Exchange Agreement”) with Chilean Cobalt Opportunity Corp. (“CCOC”) to acquire 100% of CCOC’s issued and outstanding share capital. CCOC holds an option to acquire a 100% undivided, unencumbered legal and beneficial interest in the Montreal Cobalt Project, located 15 km southwest of Santiago in the past producing Metropolitan Region of Chile.
To satisfy the terms of the Share Exchange Agreement, the Company will issue a total 12,050,000 Common shares (“Shares”) issued at a deemed value of $0.20 per Share and 3,000,000 share purchase warrants (“Warrants”) valid for a period of two years from closing with an exercise price of $0.20, to the shareholders of CCOC to acquire all of the issued and outstanding Shares and Warrants of CCOC presently outstanding.
Upon completion of the Share Exchange Agreement, CCOC shareholders will own approximately 16.16% of the Company’s issued and outstanding share capital. The Company will pay finder’s fees in accordance with the policies of the TSX-V. All securities issued pursuant to the Share Exchange Agreement will be subject to a statutory four-month hold period.
Closing of the Share Exchange Agreement remains subject to TSX-V approval.
About the Montreal Cobalt Project
The Vendor reports that the Montreal Cobalt Project consists of 16 mineral claims and comprises a total of 4,500 hectares. The Company’s Montreal Cobalt Project is less than 2 kilometres away from the past producing Merceditas mine. The acquisition of the Montreal Cobalt Project has entrenched Cameo Cobalt in two of the three historic cobalt-producing regions of Chile.
The Montreal Cobalt Project claims map can be found by following the below URL link:
Akash Patel, CEO of Cameo Cobalt stated: “The Company is ecstatic to announce the expansion of its Chilean land package. Cameo Cobalt now has a material presence in two of the three historic Chilean cobalt production regions. This acquisition signals to the marketplace Cameo Cobalt’s commitment to cobalt exploration in the Southern hemisphere. Management would like to note that the electric vehicle revolution is still in its infancy, yet cobalt production remains in a deficit position. Cameo is also pleased to convey that Company representatives are scheduling site visits to both the Carrizal and Montreal projects, with the objective of expediting exploration efforts and advancing regional relationships.”
Carrizal Cobalt Project Update
Cameo Cobalt is also pleased to provide a regional update on its Carrizal Cobalt Project. The Company’s Carrizal Cobalt Project is situated adjacent to Genlith Inc.'s Carrizal Alto Project (see Genlith's news release dated April 11th). Genlith Inc. is a Pennsylvania-based holding company focused on energy storage and critical battery materials.
Genlith has reported that cobalt production occurred on its Carrizal Alto projects from 1844 through 1944; mostly for military applications ceasing at the end of the Second World War. Genlith’s Carrizal Alto development plans include expedited drilling and dimensioning programs on high-grade past producing mines with the objective of providing a clear path to full-scale production.
The Company’s Carrizal Cobalt claims map can be found by following the below URL link:
Genlith Inc. also recently announced the appointment of John Mitchell as the Company’s new President. Mr. Mitchell will also assume the role of Chief Executive Officer of Chilean Cobalt Corp. (“C3”), a subsidiary of Genlith. Mr. Mitchell joins Genlith after serving as President of Lithium for Albemarle Corporation. Mr. Mitchell guided Albemarle’s lithium division to a global market leading position (see Genlith’s news release dated July 25th, 2018).
CAMEO COBALT CORP.
“Akash Patel”
For more information contact:
(778) 549-6714
Or Email:
Reader Advisory
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition, exploration program and the expectations for the cobalt industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
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