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Cobalt 27's shareholders approve Pala's improved takeover offer

Cobalt 27 Capital Corp. said Oct. 11 that its shareholders approved Pala Investments Ltd.'s improved offer to acquire all the company's issued and outstanding shares.

Under the arrangement, each Cobalt 27 shareholder will receive a total consideration of C$5.92 per share, comprised of C$4.00 in cash and 1 share of Nickel 28 Capital Corp. with an implied value of C$1.92 per share.

The deal is expected to be completed during October and will be followed by Cobalt 27 delisting from the TSX Venture Exchange, while Nickel 28 will become listed under the ticker NKL and become a reporting issuer.