COB COB – LG Strategic Partnership Announced. aa Cobalt Blue is...

COB

COB – LG Strategic
Partnership Announced.
aa Cobalt Blue is proud to announce a strategic First Mover partnership with
LG International (LGI), the resources investment arm of LG Corporation,
acting in cooperation with LG Chem.
aa LG Chem is one of the largest lithium ion battery makers in the world. LG
Chem possesses strong technical leadership in the development of next
generation batteries, in particular for fixed storage and Electric Vehicles
(EVs). LG Chem is one of the leading EV battery makers globally.
aa Under the First Mover partnership LG will provide capital and technical
assistance for Cobalt Blue to make a high purity battery grade cobalt
sulphate.
aa Cobalt Blue has executed a binding term sheet with LGI to raise gross
proceeds of US$6.0m with the transaction to be completed by Monday
16 April 2018, subject to the requirements of the ASX Listing Rules and
Corporations Act 2001 (Cth). COB will issue shares at A$1.10 per share
(representing a 15% premium to the 30-day VWAP of A$0.954) for the
number of shares equivalent to the USD/AUD conversion on the day
when the funds are received in COB’s nominated bank account. A
maximum of 14,000,000 shares may be issued, as approved on 25
January 2018 by COB's members.
Cobalt Blue’s Chief Executive Officer, Joe Kaderavek said:
“ COB is excited to find a high quality partner in LG and assist them in
sourcing long term supply of battery ready cobalt. The technical competence
of LG business is world class and this partnership will add significantly
to our project.”
Cobalt Blue’s Chairman, Rob Biancardi said:
“ This is an important event for Cobalt Blue and it’s shareholders. It demonstrates
that the Thackaringa Project is unique and is one the most advanced
Cobalt projects of its type in the world.”
Harp Capital of Toronto is the advisor to Cobalt Blue.