February 22, 2018 / 11:16 AM / 10 months ago

BRIEF-Cobalt 27 Acquires Royalty On Future Production From Dumont Nickel-Cobalt Project

Feb 22 (Reuters) - Cobalt 27 Capital Corp:

* COBALT 27 ACQUIRES ROYALTY ON DUMONT, A WORLD CLASS, CONSTRUCTION READY NICKEL COBALT PROJECT IN CANADA

* COBALT 27 ACQUIRES ROYALTY ON DUMONT, A WORLD CLASS, CONSTRUCTION READY NICKEL COBALT PROJECT IN CANADA

* SAYS ‍COBALT 27 IS NOT RAISING CAPITAL TO FUND ACQUISITION OF NSR, WHICH IS IMMEDIATELY ACCRETIVE TO NAV PER SHARE​

* SAYS ‍ACQUIRED A 1.75% NET SMELTER RETURN (“NSR”) ROYALTY ON ALL FUTURE PRODUCTION OVER ALL METALS FROM DUMONT NICKEL-COBALT PROJECT​

* SAYS ‍THE 1.75% NSR ROYALTY CONTAINS A US$15 MILLION BUYBACK RIGHT TO DUMONT JOINT VENTURE TO REPURCHASE 0.375% OF 1.75% NSR​

* SAYS ‍TERMS OF REPURCHASE OPTION IMPLY A US$70 MILLION VALUE FOR ENTIRE 1.75% NSR​

* SAYS ‍ONE-TIME REPURCHASE OPTION IS ONLY EXERCISABLE ON THIRD, FOURTH OR FIFTH ANNIVERSARY OF ORIGINAL ROYALTY AGREEMENT DATED JULY 8, 2015​

* SAYS ‍CURRENTLY NEGOTIATING ADDITIONAL COBALT STREAMING AND ROYALTY AGREEMENTS WHERE COBALT IS MINED AS A BYPRODUCT METAL​

* SAYS ‍JUSTIN COCHRANE, DIRECTOR & PRESIDENT OF COBALT 27, APPOINTED CHAIRMAN AND CEO OF ELECTRIC METALS STREAMING​

* SAYS ‍ELECTRIC METALS STREAMING WILL BE OVERSEEN BY AN INDEPENDENT STREAMING COMMITTEE OF BOARD OF DIRECTORS OF COBALT 27​

* SAYS ‍PRODUCTION IS ANTICIPATED TO COMMENCE IN 2020 AT DUMONT NICKEL-COBALT PROJECT​ Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below