Pala Investments acquires Cobalt 27

On June 18, 2019, Pala Investments Limited ("Pala") and TSXV-listed Cobalt 27 Capital Corp. ("Cobalt 27") announced that they entered into an agreement pursuant to which Pala would acquire 100% of Cobalt 27's issued and outstanding common shares, other than the approximately 19% already owned by Pala, and the creation of a new company, Conic Metals Corp. (now “Conic Metals”).

Completion of the transaction, executed by plan of arrangement under the Business Corporations Act (British Columbia), took place on October 25, 2019, following approval by Cobalt 27's shareholders at an annual general and special meeting held on October 11, 2019, and by the Supreme Court of British Columbia on October 16, 2019.

Under the terms of the arrangement agreement, each of Cobalt 27’s common shares were exchanged for C$4.00 in cash and one common share of Conic Metals.

Conic Metals was created to hold Cobalt 27's joint venture interest in Ramu, a low-cost, long-life producing nickel-cobalt mine, and its royalty portfolio on future projects including

• the Turnagain royalty, a royalty over one of the largest undeveloped nickel sulphide projects globally;
• the Dumont royalty, a shovel-ready nickel project in Canada; and
• certain equity positions including in Giga Metals Corporation.

Pala retains a 4.9% interest in Nickel 28, and Cobalt 27 leadership team will continue as the board and management of Conic Metals.

Further information can be found on Canada Newswire's website.

Cobalt 27 is a leading battery metals streaming company offering exposure to metals integral to key technologies of the electric vehicle and energy storage markets.

Pala is an investment company focused on the raw materials value chains that drive the global economy.