TORONTO, April 13, 2018 /CNW/ - Cobalt Blockchain Inc.
("COBC" or the "Company") (TSXV:COBC) today announced several
updates, including confirmation of the management team, issuance of
stock options under the Company's Stock Option Plan, issuance of
restricted share units under the approved Restricted Share Unit
Plan, final approval of and actions related to the acquisition of
Belair African Metals SARL, and an updated corporate
presentation.
Management Team
The Board of Directors is pleased to confirm the appointment of
the following officers to the management team of COBC:
- Peter Hooper – Chief Executive
Officer
- Lance Hooper – President and
Chief Operating Officer
- Philip Gibbs, B.Compt, MBA, CMA
- Chief Financial Officer
- F. William (Bill) Nielsen, P.Geo
– Vice-President Exploration / Qualified Person
- H.J. (Jim) Blake, QC – Chairman
of the Board & Corporate Secretary
The Company is also pleased to confirm the following as the
management team for operations in the Democratic Republic of the Congo ("DRC"):
- Michel Kabongo – Chairman of DRC
Operations
- Yves Kabongo - Managing
Director, DRC Operations
- Antoine Tshibangu –
Vice-President, DRC Operations
- Emery Mukendi Wafwana - DRC Legal Affairs
Restricted Share Unit Plan
The Restricted Share Unit Plan (the "RSU Plan") has received
final approval from the TSX Venture Exchange, following its
approval by shareholders at the Annual General and Special Meeting
of Shareholders ("AGM") held on March
13, 2018. The Company reserved 11,909,732 shares for
issuance under the RSU Plan. For further details regarding
the RSU Plan, shareholders can refer to the management information
circular furnished in connection with the AGM. The RSU Plan was
attached to the circular which is posted on SEDAR under the
Company's profile.
On April 12, 2018 the Board of
Directors granted a total of 11,500,000 restricted share units
issued under the RSU Plan to officers, directors, employees and
consultants to and contractors with the Company. The restricted
share units are valued for compensation and tax purposes at
$0.29, which is the five-day weighted
average share price. The grant enables participants to engage in
the long-term success of the Company, and promotes a greater
alignment of their interests with the interests of the Company.
One third of the restricted share units will vest two months
after the grant date, a second third will vest eight months after
the grant date with the final third vesting on the fourteenth month
after the grant date. As the restricted share units vest, the
Company shall issue to the unit-holders that number of common
shares equal to the number of vested units, or, with the consent of
the unit holder effect a cash payment equal to the market value of
those shares or effect some combination of cash and shares.
Stock Option Plan
The Company's Rolling 10% Stock Option Plan was re-confirmed at
its AGM held on March 13, 2018.
Pursuant to a management services contract signed December 11, 2017 with Hooper Mining Services
Inc., 10,000,000 options was contracted to be issued under the
Company's Stock Option Plan exercisable at $0.05 per share for a term of 5 years. On
December 20, 2017, 1,000,000 options
were granted to Peter Hooper and
1,000,000 options were granted to Lance
Hooper. On April 12,
2018, 7,990,614 options under the Company's Stock Option
Plan and 9,386 restricted share units under the RSU Plan were
issued pursuant to the direction of Hooper Mining Services Inc.
Acquisition of Belair African Metals SARL
The acquisition of Belair African Metals SARL ("BAM") has
received final approval of the TSX Venture Exchange following
unanimous approval by shareholders at the AGM.
As announced on January 19, 2018,
the Company signed a definitive agreement with Belair Maniema Corp
for the acquisition of all the issued shares of BAM pursuant to a
letter of intent announced on December 20,
2017.
BAM is an existing DRC metals trading business specializing in
sourcing minerals from artisanal and small-scale mines ("ASM") in
the DRC, in compliance with international procurement
standards.
Corporate Presentation
More than twelve percent of global cobalt production currently
originates from ASM operations in the DRC. The Company's
multi-pronged strategy—developing cobalt supply agreements, joint
venture copper/cobalt mining, and blockchain-based provenance
traceability—are progressing well towards its ultimate goal of
delivering to the market; certified, ethically-sourced cobalt from
the DRC.
A corporate presentation, updated for April 2018 with new material on the Company's
cobalt strategy, is now available on the website at
www.cobc.co.
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV:COBC, OTC:COBCF) is a Canadian
resource company expanding its exploration and development business
to include cobalt assets in the Democratic Republic of the Congo (DRC).
COBC has acquired a long-standing DRC metals trading business
specializing in sourcing minerals from artisanal and small-scale
mines in the DRC in compliance with international procurement
standards. Leveraging its experience with existing supply
chain due diligence initiatives, COBC is working with partners to
develop a blockchain-based reporting platform to provide greater
certainty of provenance and further assurance that all minerals
procured are ethically-sourced. Senior management have over twelve
years of experience working in the DRC and a proven international
track record in exploration success and the trading of certified
conflict-free, child-labour-free minerals.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the 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.
SOURCE Cobalt Blockchain Inc.