Proactiveinvestors USA & Canada M2 Cobalt Corp https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada M2 Cobalt Corp RSS feed en Wed, 17 Jul 2019 04:55:14 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - M2 Cobalt and Jervois Mining complete merger, creating a significant East African mineral company ]]> https://ca.proactiveinvestors.com/companies/news/222420/m2-cobalt-and-jervois-mining-complete-merger-creating-a-significant-east-african-mineral-company-222420.html M2 Cobalt Corp (CVE:MC) completed its merger with Jervois Mining Limited (ASX:JRV), the companies announced on Tuesday evening.

The Vancouver-based company announced in April that it plans to merge with Jervois and, subsequently, Idaho cobalt company eCobalt Solutions Inc (TSE:ECS).

The newly formed company will have projects in Australia, East Africa and the US, including eCobalt’s Idaho Cobalt project, which boasts the highest combination of cobalt grade and scale in North America. The acquisition of M2 Cobalt gives Jervois an entry into Uganda, complementing its East African strategy looking at opportunities around the historic Kilembe mine and Kasese cobalt refinery.

Post-closing, the company will continue to be led by Jervois CEO Bryce Crocker. Simon Clarke, M2’s current CEO, will join Jervois as a non-executive director, while its current CFO Andy Edelmeier will assume the role of interim CFO at Jervois.

Under the terms of the transaction, Jervois will automatically acquire the issued and outstanding common shares of M2 Cobalt in exchange for issuing nearly 64 million Jervois shares to M2’s shareholders representing approximately A$14.7 million.

As part of the transaction, Jervois extended a US$3 million bridge loan to M2, of which US$1.8 million is currently drawn. The loan supports the current field exploration at M2’s Bujagali project in south central Uganda and the Kilembe project in the west of the country.

According to Jervois, Uganda has similar geological trends to its neighbor Democratic Republic of Congo, but with greater political and regulatory stability.

New listing

Upon completion of the deal, M2’s shares on the TSX Venture Exchange will be delisted as of market close on June 20, subject to regulatory approval. M2 will also begin the process of applying to cease to be a reporting issuer in Canada.

Conversely, Jervois has received final acceptance from the TSX Venture Exchange to complete a secondary listing on its exchange in addition to its primary ASX listing. Shares are expected to start trading on the exchange around June 21 under the symbol JRV.

The Australian miner also applying to list on the OTCQX market for US shareholders, which remains subject to approval.

In preparation for its Canadian listing, Jervois also said that it had commissioned a NI 43-101 compliant preliminary economic assessment for its Nico Young nickel-cobalt project in Australia. The company said that it would direct the bulk of its financial resources to its new projects in East Africa, calling Nico Young an “attractive opportunity for development” once commodity prices improve, but not material to the future prospects of the company.

Update on eCobalt

In April, M2 and Jervois announced that the newly combined company is merging with Idaho cobalt company eCobalt Solutions Inc (TSE:ECS).

Jervois and M2 told investors that eCobalt shareholders are expected to vote on its merger with Jervois on July 19. According to Jervois, 19.2% of eCobalt’s outstanding shares are committed to approving the merger, with a 66.6% majority of shareholders required for final approval.

Jervois’s shareholders are expected to vote on the issue of shares in connection with the merger on July 18. If both parties receive a two-thirds majority approval, the merger will be finalized by July 23.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

 

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Wed, 19 Jun 2019 08:42:00 -0400 https://ca.proactiveinvestors.com/companies/news/222420/m2-cobalt-and-jervois-mining-complete-merger-creating-a-significant-east-african-mineral-company-222420.html
<![CDATA[News - M2 Cobalt shareholders approve merger with Jervois Mining ]]> https://ca.proactiveinvestors.com/companies/news/222178/m2-cobalt-shareholders-approve-merger-with-jervois-mining-222178.html M2 Cobalt Corp (CVE:MC) reported Friday that its shareholders have unanimously approved the proposed merger with Australia’s Jervois Mining Limited (ASX:JRV).

The Vancouver-based company announced in April that it plans to merge with Jervois and, subsequently, Idaho cobalt company eCobalt Solutions Inc (TSE:ECS).

The newly formed company will have projects in Australia, East Africa and the US, including eCobalt’s Idaho Cobalt project, which boasts the highest combination of cobalt grade and scale in North America.

READ: M2 Cobalt one step closer to finalizing merger with Jervois Mining

Jervois Mining will acquire all of the issued and outstanding shares of M2 Cobalt in a one-for-one share exchange.

M2 Cobalt also noted that Jervois will complete its previously announced secondary listing on the TSX Venture Exchange around June 21. Shares of Jervois will trade on both the Venture and Australian Stock Exchange, giving the new company access to both capital markets.

Shareholders will also have the ability to trade their Jervois shares on either exchange.

M2 said it expected the merger to become effective around June 19 after a hearing at the Supreme Court of British Columbia.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Fri, 14 Jun 2019 14:50:00 -0400 https://ca.proactiveinvestors.com/companies/news/222178/m2-cobalt-shareholders-approve-merger-with-jervois-mining-222178.html
<![CDATA[News - M2 Cobalt to launch drilling at Bujagali property in Uganda, finds new copper-gold showings at Kilembe ]]> https://ca.proactiveinvestors.com/companies/news/220875/m2-cobalt-to-launch-drilling-at-bujagali-property-in-uganda-finds-new-copper-gold-showings-at-kilembe-220875.html M2 Cobalt Corp (CVE:MC) (OTCMKTS:MCCBF) updated on its exploration program in Uganda,  East Africa, saying it had launched drilling at the Waragai and Bombo cobalt-copper targets at its Bujagali property and found copper-gold showings at the new Kilembe-area licenses.

At the latter licenses, two localized showings were discovered dubbed Eagle and Senator, the company said.

READ THE DEEP DIVE:  M2 Cobalt Corp tackles cobalt in Uganda

At Eagle, two rock grab samples contained 18.15 grams per tonne (g/t) gold and 37.8% copper.

At  the Senator target, 12 rock grab samples contained from 0.12% copper to 7.8% copper  and 24 samples containing from 0.2 to 16.3 g/t gold, including 10 samples with more than 5.03 g/t gold and four samples with more than 10.45 g/t gold.

"We are continuing to build on and delineate our Katanga-Style regional cobalt-copper targets and are very pleased with the large scale of the regional play that is emerging," said Simon Clarke, the CEO at M2 Cobalt.

The firm  has contracted ADT Africa for the drill program and crews have been mobilized to the Waragai and Bombo targets at the Bujagali property. The drill program is being funded under the US$3 million working capital facility provided by Jervois Mining as part of the friendly merger currently being completed by the firms.

The program will systematically test the large regional copper-cobalt geochemical anomaly discovered during the 2018 work program and further expanded during this year.

Rigs mobilized

"We are excited to have mobilized drill rigs onto two key cobalt-copper targets as well as our nickel-copper-cobalt targets at Bombo."

"We are also very pleased with initial exploration results from our new Kilembe-area licenses and, in particular, the high grades of the sampling conducted to-date. These new licenses expand our foot-print around the historic Kilembe mine which produced significant amounts of copper and cobalt whilst in operation."

The company has a large, highly prospective ground in the Republic of Uganda, which borders historic production and on the same mineral trends as some of the major mines in the neighboring DRC (Democratic Republic of Congo) where over 60% of world cobalt supply originates.

Shares in Toronto nudged up nearly 3% to $0.18.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

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Thu, 23 May 2019 10:23:00 -0400 https://ca.proactiveinvestors.com/companies/news/220875/m2-cobalt-to-launch-drilling-at-bujagali-property-in-uganda-finds-new-copper-gold-showings-at-kilembe-220875.html
<![CDATA[News - M2 Cobalt one step closer to finalizing merger with Jervois Mining ]]> https://ca.proactiveinvestors.com/companies/news/220798/m2-cobalt-one-step-closer-to-finalizing-merger-with-jervois-mining-220798.html M2 Cobalt Corp (CVE:MC) announced Wednesday that it will seek shareholder approval for its proposed merger with Jervois Mining  Limited (ASX:JRV) to form a cobalt industry leader.

The Vancouver-based company announced in April that it plans to merge with Jervois and, subsequently, Idaho cobalt company eCobalt Solutions Inc (TSE:ECS).

Shareholders will vote on the proposed merger with Jervois at a meeting in Vancouver on June 14.

READ: M2 Cobalt and Jervois Mining to form cobalt industry leader in merger with eCobalt Solutions

The newly formed company will have projects in Australia, East Africa and the US, including eCobalt’s Idaho Cobalt project, which boasts the highest combination of cobalt grade and scale in North America.

According to M2, the transaction with Jervois is well advanced, and the company does not expect the transaction with eCobalt to impact the timeline or the process of integrating operations with Jervois.

M2’s merger with Jervois is subject to regulatory and shareholder approval, as well as Jervois’s conditional acceptable for listing on the TSX Venture Exchange.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Wed, 22 May 2019 09:23:00 -0400 https://ca.proactiveinvestors.com/companies/news/220798/m2-cobalt-one-step-closer-to-finalizing-merger-with-jervois-mining-220798.html
<![CDATA[News - M2 Cobalt and Jervois Mining to form cobalt industry leader in merger with eCobalt Solutions ]]> https://ca.proactiveinvestors.com/companies/news/217679/m2-cobalt-and-jervois-mining-to-form-cobalt-industry-leader-in-merger-with-ecobalt-solutions-217679.html M2 Cobalt Corp (CVE:MC) and Jervois Mining  Limited (ASX:JRV) announced Monday that the newly combined company is merging with Idaho cobalt company eCobalt Solutions Inc (TSE:ECS).

The newly formed company will have projects in Australia, East Africa and the US, including eCobalt’s Idaho Cobalt project, which boasts the highest combination of cobalt grade and scale in North America.

READ: M2 Cobalt launches 6,000m of further drilling in Uganda; updates on Jervois Mining merger

The combination will involve the acquisition of all of the issued and outstanding shares of eCobalt and will not impact the previously announced merger of M2 Cobalt and Jervois, the company said in a statement.

"We are fully supportive of Jervois undertaking a transaction with eCobalt, and look forward to securing eCobalt's high-grade Idaho Cobalt Project for the combined group,” said Simon Clarke, CEO of M2 Cobalt.

“The combination with eCobalt advances our combined goal of building the pre-eminent, mid-tier, multi-jurisdictional battery materials supplier and secures one of the highest quality cobalt deposits globally.”

Merger timeline

According to Clarke, the transaction with Jervois is well advanced, and M2 does not expect the transaction with eCobalt to impact the timeline or the process of integrating operations with Jervois.

M2’s merger with Jervois is subject to regulatory and shareholder approval, as well as Jervois’s conditional acceptable for listing on the TSX Venture Exchange.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

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Mon, 01 Apr 2019 11:55:00 -0400 https://ca.proactiveinvestors.com/companies/news/217679/m2-cobalt-and-jervois-mining-to-form-cobalt-industry-leader-in-merger-with-ecobalt-solutions-217679.html
<![CDATA[News - M2 Cobalt Corp tackles cobalt in Uganda ]]> https://ca.proactiveinvestors.com/companies/news/216585/m2-cobalt-corp-tackles-cobalt-in-uganda-216585.html M2 Cobalt (CVE:MC, FRA:AOK, OTCMKTS:MCCBF) focuses on discovering and developing cobalt assets in Uganda, East Africa.

The company’s licenses cover about 2,413.8 sq/km of highly prospective land in particularly mineral-rich areas of Uganda. Uganda is next door to the world’s largest producer of cobalt, Democratic Republic of Congo, which produces about 65% of the world’s cobalt.

Cobalt, a silverish-gray metal, is an essential ingredient in lithium-ion batteries that power smartphones as well as plug-in electric vehicles.

M2 Cobalt is focusing on two projects: the Kilembe project, which spans 193 sq/km, and is located near the site of the historic Kilembe mine, a major copper producer in the 1950s to 1970s. The other area of interest is Bujagali, located in south-central Uganda, which is makes up 1,400 sq/km.

How is it doing?

The company completed about 2,000 metres of diamond drilling before December 2018, primarily at priority targets at its Kilembe-area properties. Results are now coming in, said the company, and include a number of positive indicators, including sulphide mineralization at the targets tested in the Kilembe area as well as at the Bombo targets.

In March, the company announced it has launched up to 6,000 metres of further drilling at its Uganda properties.

READ: M2 Cobalt launches 6,000m of further drilling in Uganda; updates on Jervois Mining merger

In January, the company announced plans to merge with Jervois Mining Ltd. It has received support for the deal from shareholders, and it is expected that formal shareholder approval will be received via a vote in early to mid-May 2019.

As part of the process, M2 Cobalt said it had now satisfied all outstanding conditions for the drawdown of the US$3 million working capital facility from Jervois, which will be used to fund the continuation and expansion of the initial drill program and the next phase of exploration.

For now, the promise of cobalt in Uganda looks strong, with plenty of room to grow.

CEO says company a first-mover in under-explored jurisdiction

“We're really fortunate that a company of our size can be a first-mover in a highly under-explored jurisdiction, like Uganda,” says CEO Simon Clarke. 

"We've always taken the view that part of this exercise is also about re-building an industry that should be a material provider of income and growth for Uganda as a nation. They have very strong local geologists there. They've built up the industry there over 13 or 14 years. Out of our team there, we utilize local geologists, local geophysicists and all of our work teams are sources locally."

 

 

Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter @kelewis

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Fri, 15 Mar 2019 18:29:00 -0400 https://ca.proactiveinvestors.com/companies/news/216585/m2-cobalt-corp-tackles-cobalt-in-uganda-216585.html
<![CDATA[News - M2 Cobalt launches 6,000m of further drilling in Uganda; updates on Jervois Mining merger ]]> https://ca.proactiveinvestors.com/companies/news/216480/m2-cobalt-launches-6000m-of-further-drilling-in-uganda-updates-on-jervois-mining-merger-216480.html M2 Cobalt Corp (CSE:MC) (OTCMKTS:MCCBF) has launched up to 6,000 metres of further drilling at its Uganda properties and said its merger with Jervois Mining Ltd was progressing well.

As reported in January, M2 Cobalt completed around 2,000 metres of diamond drilling before Christmas last year - mainly at priority targets at its Kilembe-area properties.

WATCH: M2 Cobalt and Jervois Mining become one in a friendly merger

Assays have now been received, said the company, and included a number of positive indicators, including sulphide mineralization at the targets tested in the Kilembe area as well as at the Bombo targets.

The work also confirmed the presence of ultramafic bodies at Bombo.

This year's program will include diamond and reverse circulation (RC) drilling, said M2 Cobalt, which added it also plans to launch additional ground geophysics (magnetics and Induced Polarization (IP) and rock grab and soil sampling within existing and recently acquired exploration licenses.

"We have a very large asset base with numerous large-scale targets and significant potential for new discoveries," said Simon Clarke, CEO of the Vancouver-based resource group. "The ability to leverage what we have learned to date into this expanded phase of drilling strengthens our position significantly. We are also extremely pleased to be able to add the technical and financial resources of Jervois as we move through the merger process and combine operations."

On the merger, the firm said it had now received support for the deal from shareholders representing around 50.3% of the company and it was expected that formal shareholder approval will be obtained via a vote in early to mid-May 2019.

As part of the process, M2 Cobalt said it had now satisfied all outstanding conditions for the drawdown of the US$3 million working capital facility from Jervois, which will be used to fund the continuation and expansion of the initial drill program and the next phase of exploration.

M2 Cobalt has a large, prospective land package in the Republic of Uganda, East Africa.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter@Gile74

 

 

 

 

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Thu, 14 Mar 2019 08:19:00 -0400 https://ca.proactiveinvestors.com/companies/news/216480/m2-cobalt-launches-6000m-of-further-drilling-in-uganda-updates-on-jervois-mining-merger-216480.html
<![CDATA[Media files - M2 Cobalt and Jervois Mining become one in a friendly merger ]]> https://ca.proactiveinvestors.com/companies/stocktube/11953/m2-cobalt-and-jervois-mining-become-one-in-a-friendly-merger-11953.html Tue, 22 Jan 2019 17:30:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11953/m2-cobalt-and-jervois-mining-become-one-in-a-friendly-merger-11953.html <![CDATA[Media files - M2 Cobalt drills over 2000 metres at Kilembe area property in Uganda ]]> https://ca.proactiveinvestors.com/companies/stocktube/11841/m2-cobalt-drills-over-2000-metres-at-kilembe-area-property-in-uganda-11841.html Wed, 16 Jan 2019 18:22:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11841/m2-cobalt-drills-over-2000-metres-at-kilembe-area-property-in-uganda-11841.html <![CDATA[News - M2 Cobalt awaiting results from first phase drilling work in Uganda ]]> https://ca.proactiveinvestors.com/companies/news/212342/m2-cobalt-awaiting-results-from-first-phase-drilling-work-in-uganda-212342.html M2 Cobalt Corp (CSE:MC) (OTCMKTS:MCCBF) said it was very pleased with the progress made last year in Uganda in its initial drilling program.

The resource group revealed that it had completed 2,027 meters of diamond drilling in 15 holes on several high-priority targets before December 13 last year.

READ: M2 Cobalt expands targets at Bujagali cobalt-copper play with more sampling work

It targeted three distinct styles of mineralization; volcanogenic massive sulphide (VMS) copper-cobalt at its Kilembe-area properties, Katanga-style sediment-hosted, copper-cobalt mineralization at Bujagali as well as ultramafic nickel, copper and cobalt at Bombo, it said.

Drill core samples have now been received by a lab in South Africa for analysis, with results expected by mid-February this year.

This phase 1 drill program is designed to further test key targets in each style of mineralization ahead of a potentially larger phase 2 drill program.

"We are very pleased with the progress made in 2018 through our in-depth work programs, where we brought the latest exploration technologies and techniques into this highly under-explored region, as well as this first phase of our initial drill program," said Simon Clarke, CEO.

"Once the results from this initial phase of drilling are received and reviewed, they will position us to launch our 2019 programs.

"We are excited to build on the progress made during 2018."

 

M2 Cobalt Corp wants to address the growing deficit in the supply of cobalt.

It has a large, prospective land package in the Republic of Uganda, East Africa bordering historic production and on the same mineral trends as some of the major mines in the neighbouring DRC where over 60% of world cobalt supply originates.

Contact Giles at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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Thu, 10 Jan 2019 09:30:00 -0500 https://ca.proactiveinvestors.com/companies/news/212342/m2-cobalt-awaiting-results-from-first-phase-drilling-work-in-uganda-212342.html
<![CDATA[News - M2 Cobalt expands targets at Bujagali cobalt-copper play with more sampling work ]]> https://ca.proactiveinvestors.com/companies/news/210248/m2-cobalt-expands-targets-at-bujagali-cobalt-copper-play-with-more-sampling-work-210248.html M2 Cobalt Corp (CSE:MC) (OTCMKTS:MCCBF) told investors it had expanded targets previously identified at the cobalt-copper play at Bujagali in Uganda via sampling work.

The recent work has shown that these targets continue across the licence boundary into the firm's newly-acquired exploration licence announced last month, the Vancouver based company said.

READ M2 Cobalt Corp shares surge as drillbits are now turning at Bombo and Bombo Northwest targets in Uganda

M2 Cobalt said limited sampling within that licence had resulted in some rock grab samples containing 0.65% Co (cobalt) and 0.18% Cu (copper), on strike with both the Nile and Waragi discoveries previously announced.

Recent results have also shown highly anomalous copper and cobalt rock and soil samples on EL 1682, the firm's most northerly exploration licence at Bujagali.

Meanwhile, along the regional cobalt-copper trend, 87 rock grab samples were found to contain more than 0.1% cobalt to maximum values of 1.75% cobalt. Eight samples containing greater than 1.1% cobalt.

"We are continuing to build on and delineate our Katanga-Style regional cobalt-copper targets and are very pleased with the large scale of the regional play that is evolving," said Simon Clarke, CEO of M2 Cobalt. "We are excited that we will soon be ready for some initial drilling on two key targets in this play. This process is a continuation of our goal which is to discover major cobalt-copper (and nickel) deposits outside of the DRC."

Programs get underway

This week, M2 Cobalt revealed that an initial drill program had begun at Bombo.

Simultaneously, the firm will conduct an induced polarization (IP) program at the Waragi and Nile targets.

Once results are compiled, and the initial drilling has been completed at the Bombo targets, the drill will move to the Waragi and Nile targets, it said.

Shares in Toronto were unchanged at $0.245.

 

Contact Giles Gwinnett at giles@proactiveinvestors.com

Follow him on Twitter @Gile74

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Thu, 29 Nov 2018 12:19:00 -0500 https://ca.proactiveinvestors.com/companies/news/210248/m2-cobalt-expands-targets-at-bujagali-cobalt-copper-play-with-more-sampling-work-210248.html
<![CDATA[News - M2 Cobalt Corp shares surge as drillbits are now turning at Bombo and Bombo Northwest targets in Uganda ]]> https://ca.proactiveinvestors.com/companies/news/210049/m2-cobalt-corp-shares-surge-as-drillbits-are-now-turning-at-bombo-and-bombo-northwest-targets-in-uganda-210049.html M2 Cobalt Corp (CSE:MC) (OTCMKTS:MCCBF) told investors it had now started drilling at its Bombo and Bombo Northwest targets at Bujagali, Uganda after moving a second rig there, sending shares higher.

The Vancouver-based group expects the program at Bombo to comprise at least 1,000 metres of diamond drilling. It comes after an Induced polarization (IP) program, which helped finalize drill targets.

WATCH: M2 Cobalt mobilizing second rig to Uganda project as program expands

"We have always been excited about the potential of Bombo, especially given the historic work done there," said Simon Clark, CEO of M2 Cobalt.

"Our geochemical and geophysical programs have shown widespread surface and near-surface mineralization of highly anomalous nickel, copper and cobalt.

"We are delighted to be able to launch an initial drill program to test this ultramafic style of mineralization further as we look to build on the highly successful work done to date on these targets.

"There is growing demand for nickel sulphides as a critical ingredient in cathode formulation for lithium-ion batteries. The potential of Bombo in this regard, as well as for copper and cobalt, adds another dimension to this discovery."

The IP program at Bombo and Bombo NW highlighted several chargeable areas, which coincided with rock and soil nickel-cobalt-copper geochemical anomalies and magnetics.

In October, Clarke said the start of drilling in Uganda was a very exciting time for the company.

"The success of our phase 1 program, during which we discovered multiple large-scale targets with surface sampling up to 1.75 per cent cobalt, 0.91 per cent copper and 0.26 per cent nickel, has positioned us strongly for this initial phase of drilling," he said.

"It moves us closer to achieving our corporate objective of discovering and developing world-class deposits of cobalt and associated minerals."

In the phase 1 program, the company discovered multiple targets and three distinct styles of mineralization: volcanogenic massive sulphide (VMS) copper-cobalt at its Kilembe-area properties, Katanga-style sediment-hosted, copper-cobalt mineralization at Bujagali, as well as ultramafic nickel, copper and cobalt at Bombo.

On Tuesday, M2 Cobalt shares shot up in Toronto over 12% to $0.22.

Contact Giles Gwinnett at giles@proactiveinvestors.com

Follow Giles on Twitter @Gile74

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Tue, 27 Nov 2018 09:55:00 -0500 https://ca.proactiveinvestors.com/companies/news/210049/m2-cobalt-corp-shares-surge-as-drillbits-are-now-turning-at-bombo-and-bombo-northwest-targets-in-uganda-210049.html
<![CDATA[Media files - M2 Cobalt mobilising second rig to Uganda project as program expands ]]> https://ca.proactiveinvestors.com/companies/stocktube/11289/m2-cobalt-mobilising-second-rig-to-uganda-project-as-program-expands-11289.html Thu, 22 Nov 2018 15:09:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11289/m2-cobalt-mobilising-second-rig-to-uganda-project-as-program-expands-11289.html <![CDATA[News - M2 Cobalt adds second drill at Bombo mining project in Uganda ]]> https://ca.proactiveinvestors.com/companies/news/209318/m2-cobalt-adds-second-drill-at-bombo-mining-project-in-uganda-209318.html M2 Cobalt Corp (CSE:MC, OTCMKTS:MCCBF) said Thursday that it has added a second drill at its Bombo project in Bujagali, Uganda.

The Vancouver-based company added that its initial work included the discovery of three target areas — Bombo, Bombo Northwest and Bombo Central — with nickel, copper and cobalt rock and soil samples. The company reported mineralization of up to 0.5% nickel, 0.68% cobalt and 1% copper.

READ: M2 Cobalt expands Ugandan footprint with 4 more exploration licenses

“Our ongoing work has expanded and further defined existing targets as well as made new discoveries,” CEO Simon Clarke said in a statement. “We are excited to mobilize a second drill.”

Last month the company agreed with Uganda’s Olympic Minerals Ltd to acquire four exploration licenses.

Shares of M2 slipped US$0.02 to US$0.19 in OTC trading. They were unchanged at C$0.22 on the Canadian Venture Exchange.



Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 15 Nov 2018 10:54:00 -0500 https://ca.proactiveinvestors.com/companies/news/209318/m2-cobalt-adds-second-drill-at-bombo-mining-project-in-uganda-209318.html
<![CDATA[Media files - M2 COBALT starts phase two drilling program at Kilembe project in Uganda ]]> https://ca.proactiveinvestors.com/companies/stocktube/11015/m2-cobalt-starts-phase-two-drilling-program-at-kilembe-project-in-uganda-11015.html Fri, 26 Oct 2018 16:44:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/11015/m2-cobalt-starts-phase-two-drilling-program-at-kilembe-project-in-uganda-11015.html <![CDATA[News - M2 Cobalt to kick off initial drill program in Uganda ]]> https://ca.proactiveinvestors.com/companies/news/207396/m2-cobalt-to-kick-off-initial-drill-program-in-uganda-207396.html M2 Cobalt Corp (CSE:MC) updated further on Uganda activity and said it had launched an initial drill program focused on key targets discovered during its successful first phase work program.

The company has struck a drilling contract with an East African drilling company and currently plans up to 3,000 metres of diamond drilling with the possibility to extend this.

"The commencement of drilling is a very exciting time for the company," said Simon Clarke, CEO at M2 Cobalt.

"The success of our phase 1 program, during which we discovered multiple large-scale targets with surface sampling up to 1.75 per cent cobalt, 0.91 per cent copper and 0.26 per cent nickel, has positioned us strongly for this initial phase of drilling.

"It moves us closer to achieving our corporate objective of discovering and developing world-class deposits of cobalt and associated minerals."

In the phase 1 program, the company discovered multiple targets and three distinct styles of mineralization: volcanogenic massive sulphide (VMS) copper-cobalt at its Kilembe-area properties, Katanga-style sediment-hosted, copper-cobalt mineralization at Bujagali, as well as ultramafic nickel, copper and cobalt at Bombo.

The initial drill program will test key targets at depth in each style of mineralization and will position the company to embark on a larger drill program.

Yesterday, the group increased its footprint in Uganda as it said it was set to buy four further exploration licences, which are contiguous with or close to its existing Kilembe-area and Bujagali projects.

The company has entered a definitive purchase agreement with Ugandan firm Olympic Minerals Ltd to acquire the licenses, which span around 850 square kilometres (sq km).

That adds to the firm's landholdings already, which consists of seven licences totalling 1,564 square kilometres (sq km).

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Thu, 18 Oct 2018 09:41:00 -0400 https://ca.proactiveinvestors.com/companies/news/207396/m2-cobalt-to-kick-off-initial-drill-program-in-uganda-207396.html
<![CDATA[News - M2 Cobalt expands Ugandan footprint with four additional exploration licences ]]> https://ca.proactiveinvestors.com/companies/news/207301/m2-cobalt-expands-ugandan-footprint-with-four-additional-exploration-licences-207301.html M2 Cobalt Corp (CSE:MC) is to increase its presence in Uganda as it's set to buy four further exploration licences, which are contiguous with or close to its existing Kilembe-area and Bujagali projects.

The company has entered a definitive purchase agreement with Ugandan firm Olympic Minerals Ltd to acquire the licenses, which span around 850 square kilometres (sq km).

READ: M2 Cobalt welcomes one of the founders of Iamgold Corp to board

That adds to the firm's landholdings already, which consists of seven licences totalling 1,564 square kilometres (sq km).

"We are extremely pleased to acquire these additional exploration licences at this time; they significantly expand our already large asset package," said  Simon Clarke, chief executive at M2 Cobalt.

"These licences are also highly strategic as they are contiguous with, or adjacent to, key areas where our phase 1 exploration program generated strong results and highlighted a number of large discoveries and priority targets.

"With the acquisition of these additional ELs, the company is now even better positioned to expand its potential for large-scale copper-nickel-cobalt discoveries from three different styles of mineralization across numerous target areas."

As consideration for the licences, the firm will pay  US$150,000  and issue 350,000 company shares.

It will also pay US$400,000 and issue 450,000 shares on the earlier of 31 May 2019, or when the company raises a minimum of $3 million from an offering.

In addition to the two drill-ready high-priority targets, a VTEM survey, the results of which were announced in July, confirmed a further 719 targets across both Kilembe-area licences, of which 80  were considered high priority.

Meanwhile, the newly acquired licence in Bujagali is 334.6 sq km and is an extension west and south of the company's existing Bujagali licences where five large-scale cobalt anomalies have already been identified.

M2 Cobalt shares are unchanged at $0.245.

Reporting by Giles Gwinnett

giles@proactiveinvestors.com

 

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Wed, 17 Oct 2018 10:31:00 -0400 https://ca.proactiveinvestors.com/companies/news/207301/m2-cobalt-expands-ugandan-footprint-with-four-additional-exploration-licences-207301.html
<![CDATA[News - M2 Cobalt welcomes one of the founders of Iamgold Corp to board ]]> https://ca.proactiveinvestors.com/companies/news/205138/m2-cobalt-welcomes-one-of-the-founders-of-iamgold-corp-to-board-205138.html M2 Cobalt Corp (CSE:MC) has added accountant Mahendra Naik, a founder of mining major Iamgold, to its board of directors with immediate effect.

As finance chief at Iamgold Corp (NYSE:IAG) from 1990 to 1999, he negotiated a number of mine joint ventures with Anglo American and was instrumental in arranging over US$550mln of debt and equity financings for Iamgold including its initial public offering (IPO).

Naik is also the chairman of the board, audit and compensation committees of Fortune Minerals Ltd (TSE:FT), which is focused on the NICO cobalt-gold-bismuth-copper project in the Northwest Territories.

"We are delighted that Mahendra has agreed to join our board and assume the role of audit chair," said Simon Clarke, chief executive at M2 Cobalt.

"He is well respected and well connected in the capital markets globally and brings a wealth of expertise in helping to grow junior resource companies into world players.

"Mahendra is very well versed in the cobalt markets and related metals and he has first-hand experience of developing a number of mining projects across Africa.

"His background and experience is a great fit for our company, and we believe he will bring a lot of value to M2 Cobalt."

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Tue, 18 Sep 2018 08:43:00 -0400 https://ca.proactiveinvestors.com/companies/news/205138/m2-cobalt-welcomes-one-of-the-founders-of-iamgold-corp-to-board-205138.html
<![CDATA[News - Shares perk up as M2 Cobalt finds six additional cobalt anomalies at Bujagali project in Uganda ]]> https://ca.proactiveinvestors.com/companies/news/204183/shares-perk-up-as-m2-cobalt-finds-six-additional-cobalt-anomalies-at-bujagali-project-in-uganda-204183.html Bright news from M2 Cobalt Corp on Tuesday after it released news that it had found six additional large-scale cobalt anomalies at its Bujagali project in Uganda. 

Shares perked up 7.1% at C$0.30.

The company said during the completion of its phase 1 exploration program at Bujagali and associated infill sampling, it discovered six additional large-scale anomalies with highly anomalous rock and soil samples and has also expanded the footprint of its Waragi anomaly.

"To have discovered extensive cobalt, copper and nickel mineralization and so many large-scale anomalies across our very large asset package in a six-month time frame is a major achievement," said Dr. Jennifer Hinton, head of East Africa operations.

"Given the work completed to date, which is on time and under budget, we are now positioned to commence an initial phase of drilling on several key targets to further delineate these anomalies and test mineralization at depth. At the same time, given the size of our anomalies at Bujagali and the development of a potential Katanga-style regional copper-cobalt play, we will also undertake additional geophysics and geochemistry for further definition and to enable us to select the best initial drill collars."

The company said four additional large-scale geochemical anomalies have been discovered within the Bujagali property, two of which are along the same stratigraphic horizon as the company's existing Waragi anomaly. The footprint of the company's Waragi copper-cobalt anomaly has been expanded to over 1km by 900 metres.

"Our phase 1 work program has delivered excellent results with surface sample results up to 1.75% Co, 0.91% Cu and 0.26% Ni. This program has positioned us to commence an initial drilling phase as we look to achieve our corporate objectives of discovering and developing world-class cobalt (and associated minerals) assets with large-scale potential which are based outside the Democratic Republic of the Congo," said Simon Clarke, chief executive officer. 

M2 Cobalt is focused on discovering and developing cobalt assets and related minerals. The company has a large, highly prospective land package in the Republic of Uganda, East Africa, bordering historic production and on the same mineral trends as some of the major mines in the neighbouring Democratic Republic of the Congo where over 60% of world cobalt supply originates.

 

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Tue, 04 Sep 2018 19:45:00 -0400 https://ca.proactiveinvestors.com/companies/news/204183/shares-perk-up-as-m2-cobalt-finds-six-additional-cobalt-anomalies-at-bujagali-project-in-uganda-204183.html