Arak Resources Ltd. said March 31 that it plans to change its name to Cobalt 27 Capital Corp. to reflect its new strategy to search for new opportunities in the battery metals sector.

The company is also planning to undertake a 3-for-1 forward stock split. The company will have 33,048,381 shares outstanding following the forward split.

Additionally, warrant holders of the company exercised 4,898,000 warrants at 18 Canadian cents apiece for C$881,640 in funds.

The name change and forward split are subject to approval from the TSX Venture Exchange.