A final order approving the transaction was filed with the registrar of companies, effective as of January 19, 2016.
Under the terms of the spin-off, Global Cobalt shareholders, other than Imperial Mining Holding Limited (IMHL), will receive one share in the new company for every share they currently own in Global Cobalt.
Global Energy Metals (GEMC), which will apply for a stock exchange listing, is to acquire the Werner Lake cobalt project and will assume certain outstanding debts of Global Cobalt.
Until a listing is obtained, there will be no public market on which to trade the shares of GEMC; however, GEMC will be a reporting issuer in British Columbia and Alberta, Global Cobalt said.
As expected, Erin Chutter, Raymond Castelli, Gaston Reymenants, Paul Sarjeant and Peter Reynolds have resigned as directors/officers of Global Cobalt.
Alexander Ordanian, Stanley Swartz and Andrey Melnikov will continue as directors of the company. With Chutter and Oleg Scherbina resigning as president & chief executive officer and chief financial officer, respectively, a new executive management team will be announced in due course.