Global Cobalt Announces Shares for Debt Settlement with Service Providersadmin
VANCOUVER, BC (NOVEMBER 21st, 2013)…GLOBAL COBALT CORP. (TSXV:GCO) ("Global Cobalt" and/or the "Company") (TSXV:GCO) announces that various service providers (the "Service Providers") of the Company have agreed to accept shares in lieu of cash for the repayment of a combined total of $231,795 of services (the "Services") owed to them. The Service Providers will receive a combined total of 1,404,819 common shares of the Company at a deemed market price of today’s close at $0.165 per share as payment of the Services (the "Service Settlement").
Haverstock Fund LLC and Global Cobalt have agreed to the settlement of services rendered totaling USD$50,000 (CAD$52,600) with 318,788 common shares of the Company. In addition Norton Rose Fulbright Canada LLC has agreed to a settlement of $31,325.33 with 189,850 common shares of the Company. The shares issued in the Service Settlement will be in accordance with applicable securities law and will be subject to the prior approval of the TSXV.
As previously announced, certain officers of Global Cobalt have also agreed to settle debt owed with shares of the Company. As the issuance of these shares did not occur within the time period allowable under the Exchange, the Company has re-priced the price for the share settlement at $0.165 per share.
Dr. Michael Hitch, COO will receive 393,939 common shares of the Company in lieu of $65,000 in Consulting Fees owed prior to him becoming an Officer of the Company. Jean-Pierre Colin, Gaston Reymenants and Peter Reynolds (PJR Management Pty Ltd.), all Directors of the Company, will receive 303,030, 133,333 and 65,879 common shares of the Company for $50,000, $22,000 and $10,870 of consulting services respectively prior to them becoming Directors of the Company. Shares issued will subject to a four-month hold period from the date of issuance in accordance with applicable securities law, and will be subject to the prior approval of the TSXV.
All of the common shares to be issued in connection with the Service Settlement are being issued to preserve cash committed to project development and working capital.
Global Cobalt Corporation is a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt will build upon the success of the Altai Projects while aggressively expanding and exploring existing properties to meet the demand for cobalt and other strategic metals.
For Further Information:
Suite 1510-1050 West Pender Street
Vancouver, BC V6E 3T4
Tel: +1 (604) 688-4219
Fax: +1 (604) 688-4215
TSXV:GCO; FRA:3P0; CUSIP:37890F
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Posted: November 21st, 2013 under ACCESSWIRE.