- CBLT (CBLT) has received the payment required under the option agreement with PowerStone Metals Corp. (the optionee)
- The option agreement concerns CBLT’s 100-per-cent-owned Chilton Cobalt property
- The payment to CBLT is one million special warrants
- Chilton Cobalt consists of nine claims totalling 497 hectares (almost five square kilometres) in Quebec
- CBLT Inc is a mineral exploration company engaged in the business of acquiring, exploring, and dealing with mineral properties
- CBLT Inc. was unchanged at $0.04 at 1:24 PM ET
CBLT (CBLT) has received the payment required under the option agreement with PowerStone Metals Corp.
The option agreement is with respect to CBLT’s 100-per-cent-owned Chilton Cobalt property.
The payment to CBLT as agreed upon is one million special warrants, which have now been paid to CBLT.
The warrants are expected to convert into common shares of the optionee for no additional consideration upon (i) the optionee clearing a prospectus with Canadian securities regulators and becoming a reporting issuer, and the (ii) the deadline of December 31, 2023.
Of the one million common shares that should result from the warrants, CBLT intends to declare a dividend to its shareholders of seven hundred and fifty thousand common shares or the warrants themselves, on a pro rata basis.
The timing of declaring and paying the dividend is subject to discussion between CBLT and the optionee or PowerStone Metals Corp.
The optionee has expressed its intention to have its shares listed on a recognized Canadian stock exchange. The option provides that if the optionee’s shares are not listed on such an exchange by September 30, 2023, then the optionee will issue to CBLT a further 500,000 shares from the optionee’s treasury.
“CBLT’s receipt of the payment moves Chilton Cobalt closer to further exploration,” said Peter M. Clausi, CBLT’s CEO.
“We’ve been advised that the optionee’s contemplated financing is proceeding well and expect to soon see some activity in the field,” he added.
Chilton Cobalt consists of nine claims totalling 497 hectares (almost five square kilometres) in Quebec, Canada, located 40 kilometres east of Saint-Jovite, Quebec, roughly a one hour’s drive north of Montreal. Chilton Cobalt is easily accessible by highway and is close to mining infrastructure.
CBLT Inc. is a mineral exploration company engaged in the business of acquiring, exploring, and dealing with mineral properties.
CBLT Inc. was unchanged at $0.04 at 1:24 PM ET.