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CobalTech, Cobalt One shareholders back takeover by First Cobalt

CobalTech Mining Inc. and Cobalt One Ltd.'s respective shareholders approved a three-way merger with First Cobalt Corp.

First Cobalt is acquiring CobalTech and Cobalt One in an all-share deal announced earlier this year.

For each share held in the target companies, CobaltTech shareholders will receive 0.2632 of a common First Cobalt share while Cobalt One shareholders will get 0.145 of a share in the buyer.

"We now have approval from CobalTech and Cobalt One shareholders to finalize the three-way merger and we look forward to closing both transactions over the next two weeks," First Cobalt President and CEO Trent Mell said.

The merged entity will own more than 10,000 hectares of prospective land, 50 historic mining operations in the Cobalt Camp in Ontario, and the only permitted cobalt refinery in North America designed to produce battery materials.