First Cobalt Corp. said Dec. 1 that the three-way merger with CobalTech Mining Inc. and Cobalt One Ltd. was completed after the arrangement was approved by the Supreme Court of British Columbia.
Under the definitive deal signed in August, CobalTech shareholders will receive 0.2632 of a First Cobalt common share for each CobalTech share held, representing the equivalent of 20 Canadian cents per share.
On the other hand, Cobalt One shareholders received 0.145 of a common First Cobalt share for each Cobalt One share held, implying a total deal value of about C$140 million in the binding agreement signed in July.
The company now controls over 10,000 hectares of cobalt-prospective land and 50 historic mining operations in Ontario's Cobalt camp, as well as a mill and a permitted cobalt refinery.
As part of the transaction, the company reconstituted its board to include Paul Matysek, Bob Cross and Jason Bontempo. Meanwhile, Bryan Slusarchuk resigned as a director.
The company's shares began trading on the ASX under the ticker FCC.
