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Global Cobalt Obtains Final Order for Plan of Arrangement & Spin-Out of Global Energy Metals

25.11.2015  |  The Newswire
VANCOUVER, NOV. 25, 2015 - Global Cobalt Corp. (TSXV:GCO, OTCBB:GLBCF, FRA:3P0) ("Global Cobalt" and/or the "Company") is pleased to announce that the Supreme Court of British Columbia has granted a final order (the "Final Order") approving the previously announced plan of arrangement (the "Arrangement") involving Global Cobalt, Imperial Mining Holding Ltd., and Global Energy Metals. The granting of the Final Order was a condition to the completion of the Arrangement. The Arrangement was approved by Global Cobalt security holders at a special meeting of Global Cobalt held on August 31, 2015.

The Company looks forward to satisfying the remaining closing conditions and successfully completing the Arrangement. Shareholders and interested parties will be notified in a subsequent news release with the expected effective date that shareholders of Global Cobalt, other than Imperial Mining Holding Ltd., would still be eligible to receive the number of shares of Global Energy Metals that is equal to the number of shares they hold in Global Cobalt.

Upon closing of the Arrangement, Global Cobalt will continue to list on the TSX Venture Exchange and hold the option on the Karakul Cobalt Project ("Karakul"). Karakul, located in the Altai Republic, Russia, will remain the priority project for Global Cobalt. Given its proximity to China, Karakul has the potential to become a key supplier for the Chinese cobalt market.

Global Energy Metals is applying for a public listing, and will act as a vehicle for acquisitions in the battery metals space and will move forward a strategy to be a project bank for these critical metals, including cobalt, lithium and graphite.

For details of the Arrangement, please see Global Cobalt's management information circular dated August 5, 2015 and various press releases that have been filed on Global Cobalt's profile on SEDAR at www.sedar.com.


Global Cobalt Corp.:

Global Cobalt Corp. is a publicly traded Canadian resource company that was founded in 2007 to take advantage of the global transformation that is occurring in the strategic metals sector of the mining industry. Through a combination of acquisitions and internally developed businesses, Global Cobalt exploits market opportunities as they emerge in various sectors of the energy metals sector with emphasis on those metals, such as cobalt, used in the rechargeable battery space.



For Further Information:

Global Cobalt Corp.
Mr. Mitchell Smith, Corporate Development
Suite 1501-128 West Pender Street
Vancouver, BC V6B 1R8
Tel: +1 (604) 688-4219
Fax: +1 (604) 688-4215
Email: info@globalcobaltcorp.com
www.GlobalCobaltCorp.com

TSXV:GCO; OTCBB:GLBCF; FRA:3P0; CUSIP:37890F



Cautionary Statement on Forward-Looking Information: This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws, concerning the business, operations and financial performance and condition of the Company. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements contained in this news release include statements with respect to: expectations regarding shareholder and Court approval of the Arrangement; the satisfaction or waiver of conditions precedent to the closing of the Arrangement, and the ability of Global Cobalt and Global Energy Metals to raise sufficient working capital to continue and going-concerns upon the completion of the Arrangement. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from our expectations include uncertainty about the level of shareholder support for the Amendment and the share issuances contemplated thereunder; the need to obtain permits and governmental approvals; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases; fluctuations in metal prices and currency exchange rates; the impact of economic sanctions on companies conducting business in Russia and North America; and other risk and uncertainties disclosed in reports and documents filed by the Company with applicable securities regulatory authorities from time to time. The forward-looking statements made in this news release reflect management's beliefs, opinions and projections on the date the statements are made. Except as required by law, Global Cobalt assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Copyright (c) 2015 TheNewswire - All rights reserved.
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