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Where ,, link ,, is it on this site
There also is a Jervois Mining board
New presentation out
https://jervoismining.com.au/investors/
cobalt price going back up
Data valid for 15 August 2019
LME OFFICIAL PRICES, US$ PER TONNE
Contract Bid (US$ / Tonne) Offer (US$ / Tonne)*
Cash 30500.00 31500.00
3-months 32100.00 33100.00
15-months 33925.00 34925.00
ECSIF: effective July 29,2019: Acquisition/Merger/Amalgamation: Shareholders will receive 1.65 Jervois Shares for each Company Share held.
***Jervois Mining, ticker JRV on the TSX Venture
FINRA will delete the symbol.
https://otce.finra.org/otce/dailyList?viewType=Deletions
Just one of the reasons why Idaho cobalt won't be going to China.
https://www.bloomberg.com/news/articles/2019-07-22/trump-enlists-pentagon-on-rare-earth-magnets-amid-chinese-threat?usqp=mq331AQCKAE=
anyone think this could be a connection
DST Announces Chinese Developments
C.DST | July 5, 2019
(via TheNewswire)
image: https://tnw-c.thenewswire.com/data/tnw/clients/logos/k1vFjzoO.png
MONTREAL, QUEBEC - TheNewsire - July 5, 2019 - Dundee Sustainable Technologies Inc. ("DST or the Corporation") (CNX:DST) is pleased to announce that it received a mandate from its Chinese customer to continue testing of the CLEVR ProcessTM. The Corporation has received a 30-kilogram sample of mineralized material from the customer and a payment for this work. The goal of this work is to demonstrate that its proprietary CLEVR ProcessTM can extract gold at a rate of 95% or better.
Mr. Brian Howlett, President and CEO commented, "Management of DST is very excited to be developing our CLEVR Process technology into China at this time. China controls a key portion of the gold and base metals processing capacity in the world and will be a key market going forward for our technologies."
As reported in a press release on December 18, 2018, DST has completed analysis of the samples and is pleased to announce that it has been able to increase recovery of the gold from the customer's concentrate from 71% using cyanide to over 90% at a lab scale using the Corporation's technology.
Management is also pleased to report that it has submitted a 5-kilogram sample of glass from the GlassLock ProcessTM to Chinese authorities for regulatory testing with the goal of classifying the glass as non-hazardous waste product suitable for disposal in the Chinese market.
Read more at https://stockhouse.com/news/press-releases/2019/07/05/dst-announces-chinese-developments#ovCYCtTlI68Kk50o.99
Do your homework guys. Otter was put on
the payroll of First Cobalt as a director. Former Gov. Andrus (now deceased) was a director for eCobalt. These companies recruit these folks because of their political clout. They will do whatever it takes to promote their companies.
As governor, Otter promoted deals with China and made numerous trips to broker deals. Nothing wrong with that as it benefits Idaho farmers and other products shipped to China. So his scare tactics about China are solely for the benefit of ftsff. I don't see Idaho cobalt being shipped to China or any other country, except maybe Canada for processing , no matter what company controls ECSIF. Too many companies in the U.S. are going to be needing it. Tesla is next door to Idaho in Reno, Nevada.
I see ECSIF and ftsff as good buys right now. There are other companies with claims and holdings in the Idaho Cobalt belt as well. GLTA
http://www.spokesman.com/blogs/boise/2016/nov/16/idaho-business-leaders-praise-china-trade-mission/
Go get'em Butch ..
Yhe China conection
Re::::I note that the CEO of Jervois recently confirmed that they are in discussions with potential
Chinese partners to jointly develop their flagship nickel-cobalt project in Australia.
WOW this is a dagger in the heart
This could be a big problem for the merger
Mamba1029
image: https://stockhouse.com/Stockhouse/images/stars-mask.png
2.5 stars
User Actions
July 12, 2019 - 08:43 AM 39 Reads
Post# 29912334
Letter to US Department of the Treaury
July 9, 2019
U.S. Department of the Treasury
Attn: Secretary Steven Terner Mnuchin
1500 Pennsylvania Avenue, NW
Washington, D.C. 20220
Dear Secretary Mnuchin:
Foreign investment is important for the State of Idaho and America, but it must be done
right. You will recall that we collaborated in a SelectUSA initiative that brought an $80 million
foreign investment to Idaho and I again thank you for your help and the jobs that it has
supported.
Unfortunately, I am writing to call your attention to the proposed acquisition of eCobalt
Solutions, Inc.’s by Jervois Mining Ltd., which I fear is the wrong investment for Idaho and for
our Nations’ security. I am very worried by Australia-based Jervois’ failure to notify the U.S.
Government of this acquisition and its potential impact on our national security. Before closure
of this acquisition is allowed, in your capacity as chairman of the Committee on Foreign
Investment in the United States (CFIUS), I would urge you to review this transaction to ensure
that Jervois – and the cobalt resources it is acquiring – is free from Chinese control. To that end,
I note that the CEO of Jervois recently confirmed that they are in discussions with potential
Chinese partners to jointly develop their flagship nickel-cobalt project in Australia.1
The U.S. Commerce Department’s recent report, A Federal Strategy to Ensure Secure
and Reliable Supplies of Critical Minerals states: “The assured supply of these critical minerals,
and the resiliency of their supply chains, are essential to the United States’ economic security
and national defense.” Cobalt was identified by the White House as one of 35 strategic
minerals critical to our “Nation’s security and economic prosperity.” Currently, there is no
domestic supply of cobalt. Rather, producers of advanced military and energy storage systems
rely on China, which controls about 80 percent of global refined cobalt supply.
Idaho’s cobalt belt presents the United States with its best opportunity to develop a
domestic source for this critical mineral. These lands include the only cobalt belt in the United
States and have been deemed so important to our national security that they were expressly
excluded from wilderness designation by the U.S. Congress in 1980.
Having said this, no foreign company should be allowed to make an acquisition in this
region without a careful review by CFIUS of both corporate ownership and control as well as
outyear plans for mining and refining of Idaho cobalt. My great concern is that without a plan
for North American refining and a commitment to supply domestic consumers, Idaho cobalt ore
will be shipped to China. This would be the worst imaginable outcome for our national security,
economic development and job creation.
As a former three-term governor of Idaho, Member of Congress and, most importantly,
a concerned citizen worried about our Nation’s security, I would urge you to examine this
transaction carefully to ensure that it is best for America. The proposed Jervois deal for eCobalt
should not be closed until such an investigation by CFIUS is concluded and a decision made by
the U.S. Government – not a foreign company – to allow it to proceed.
Please do not hesitate to contact me at (208) 340 – 3031 if you have any questions or
need additional information. Lastly, I want to thank you for your service to our Nation. Your
work is important.
Best regards,
C.L. “Butch” Otter
CC: Hon. Wilbur Ross, U.S. Secretary of Commerce
Hon. Rick Perry, U.S. Secretary of Energy
Hon. Mark Esper, U.S. Secretary of Defense (Acting)
Hon. David Bernhardt, U.S. Secretary of Interior
1 Reuters, “Australia’s Jervois to choose nickel-cobalt JV partner by end of 2019” (March 21, 2019),
https://www.mining.com/web/australias-jervois-choose-nickel-cobalt-jv-partner-end-2019/
Read more at https://stockhouse.com/companies/bullboard?symbol=t.ecs&postid=29912334#GrzDvt1AP7cjscR9.99
anyone think someone is naked shorting
ECS.T before the vote ???
I wonder who could be behind the naked shorting ??
I think you would have to be stupid not to know
Excellent post!!!!
Anyone who has not voted yet please read this post and link. We are being taken for a ride as the executive's ride into the sunset with our money.
Vote no!
good reason to vote no
17Digger
image: https://stockhouse.com/Stockhouse/images/stars-mask.png
3 stars
User Actions
July 02, 2019 - 06:02 PM 120 Reads
Post# 29881229
$2 Million Scandal shown in the Ecobalt Information Circular
I used to wonder why Jervois insisted in its "firendly" mergfer offer that Ecobalt must raise $2 million as a condition for the deal to happen.
If you read the Ecobalt Information Circular of June 19, 2019 it is all in there. Here is a summary of who gets big money in the deal retroactively.
Page 51 of the Informaion Circular gives a timeline of the deal From May 2018 when Jervois bought Ecobalt Shares.
On August 15, 2018 then they did a non disclsure to view each other's data rooms.
On October 1, 2019 Ecobalt appointed a new President Callahn and he met Jervois' President "periodically".
On 20 February 2019 Ecobalt institured cash saving measures because money was getting tight.
On March 4, 2019 Jervois submitted "A non-binding letter of Intent ("LOI")" to acquire Ecobalt. and they negotiated the terms of the letter from March 5 - 12.
On March 13 Jervois submitted its agreed updated LOI and with its terms of their "merger' offer. In part the March 13 Offer contained "severance or change control payments for those eCobalt parties terminated as a result of the transaction"
On March 14, 2019, the eCobalt Board reviewed the March 13 revised LOI but they also did something else
Page 87 of the Ecobalt Information Circular of June 19, 2019 says that on same day of March 14 the Board enriched and backdated the Change of Control payment for Officers. READ THIS QUOTE from Page 87 where I bolded some importatnthings:
If a change of control of the Company had occurred on December 31, 2018, the total cost to the Company of related payments to the NEOs as described above is estimated at $1,867,594. Estimated payments to individual NEOs are as described below assuming a change of control event described above had occurred on December 31, 2018:
(a) Based on Mr. Callahan’s October 1, 2018 employment agreement, Mr. Callahan would be paid the sum of 1.5 years of base salary ($777,594 or US$570,000) in the event of change of control. The change of control obligation was subsequently amended to 2 years of base salary ($1,036,792 or US$760,000) on March 14, 2019 and was retroactively effective on October 1, 2018;
(b) Mr. Tran would be paid the sum of 2 years of base salary ($440,000); and
(c) Mr. Varley would be paid the sum of 2 years of base salary ($650,000).
So our Company, while saying we were short of cash, retroactively increased the Change of Control Buyout Payments for our Officers to just over $2 million, This was done the day after getting the finalized Jervois takeover offer that they had negotiated in the past week, and then they backdated it to December 31, 2018.
About an extra $ 1/2 millon was agreed to be depleted from our Treasusry retroactively, andit was agreed on the day after the Jervois merger deal LOI was officially presented
That March 13 jervois LOI included a requirement for Ecobalt to raise an extra $ 2 million. It looks like Jervois was not ready to be the one to pay them that rich Change of Control "benefit". So how would they get that new money?
If you read page 34 of the Ecobalt Information Circular of June 19, 2019 it says in part:
On March 31, 2019 eCobalt entered into a binding agreement with Dundee Resources Limited to sell 6.25 million eCobalt units for approximately $2 million. Each unit is comprised of one eCobalt share and one common share purchase warrant
If you think the above is pure coincidence, I think you should think again. I thought that the $ 2 million was at least for the purpose of developing our IDP project in future.
Sadly I still wish this were true, but I think that the real truth is plainly that we were having our shares diluted to pay a backdated enriched buyout ripoff for our own officers who are actually supposed to look after our shareholder interests.
***
There are other bad deals to get more rrches for Officers and Directors identified in the Information Circular too in the RSUs and RSIs.
I will tell you about them later - once I get over being sickened by what I see with this $ 2 million grab.
Good luck to real shareholders.
Forour own good we should protect our Treasury and VOTE NO
xx
Read more at https://stockhouse.com/companies/bullboard?symbol=t.ecs&postid=29881229#Cp6ayt5AoUkI5RwR.99
Urging my fellow eCobalt shareholders to vote NO!
Hello everyone. My name is Cory Groshek and I normally do my posting about my stocks and stocks I'm interested in on Twitter (@CoryGroshek), but I am here today, as an eCobalt shareholder, to encourage my fellow shareholders to vote NO to this horrible, one-sided, and legally-dubious merger with Jervois, for reasons that I clearly lay out in a post on my new energy news site here:
I urge all of my fellow eCobalt shareholders to vote NO to a merger with Jervois Mining!
unit36
after reading that letter i can not believe Dundee is still pushing this
Already did. FC and Glencore make a better team. Having one of the biggest mining companies behind you says alot about your organization.
Vote no
This deal stinks for us ECSIF/ ECS holders
Just look at Jervious income statenment
ZERO
Just did a secondary to raise money , think it was around 10 million Austrlia dollars
This is nothing but a scam
Read the letter from one our big stocckholders , it really spilled the milk on this deal
It looks like first cobalt might have had their
feelings hurt because they were counting on ECSIF ore to be shipped to Canada for their mill. I'm not invested in either company at this time. I sold all ECSIF shares about a year ago.
I do think the ICP will eventually go into production. Right now, cobalt per ton is back around $30,000 a ton. It went from a high of $94,000 a ton in Mar. 2018 to what I think is a bottom of about $26,000 a ton this month, June 2019. GLTY and all.
read tyhe letter i posted yesterday
Letter said a firm offerend to foot the entire bill to finish the construction .
Now i think one could say to themselfs we have been lied to again by the ecobalt board and management .
Hey Dundee time for you to leave , hint no one would miss you except the bashers
OMG this is big !
Were the Ecobalt stockholders double crossed by the BOPD ????
First Cobalt Urges Fellow eCobalt Shareholders to Vote Against Value-Destroying Jervois Transaction
[CNW Group]
CNW GroupJune 25, 2019
Proposed deal would see eCobalt shareholders give away 53% of its Idaho Cobalt Project while getting nothing in return
TORONTO , June 26, 2019 /CNW/ - First Cobalt Corp. (TSX-V: FCC, OTCQX: FTSSF) ("First Cobalt") today sent an open letter to the shareholders of eCobalt Solutions Inc. (ECS.TO) ("eCobalt") urging them to vote against eCobalt's proposed merger with Jervois Mining Limited (JRV.AX) ("Jervois").
The full text of the letter is below and has also been filed on First Cobalt's website at www.firstcobalt.com.
Open Letter to Fellow eCobalt Shareholders
Dear eCobalt Shareholders:
The opportunity to vote on the proposed merger with Jervois at the July 19 Special Meeting of eCobalt is quickly approaching. We are reaching out to you to express our deep conviction that this deal destroys value for eCobalt shareholders – it is the wrong deal at the wrong price and the wrong time.
As of the record date, First Cobalt owns 9,640,500 million shares representing a 5.8% interest in eCobalt, making us one of its largest shareholders.
We urge fellow shareholders to vote AGAINST the transaction utilizing the proxy mailed to you by eCobalt.
As further explained below, First Cobalt opposes the Jervois transaction for the following reasons:
Incredibly Dilutive: eCobalt shareholders would give up 53% of the proforma company and would get nothing of value in return.
Fails to Advance the Idaho Cobalt Project: The proposed Jervois transaction does not advance the Idaho Cobalt Project ("ICP"), either technically or financially.
Introduces New Risks: The Jervois transaction introduces a number of material new risks that should concern eCobalt shareholders, notably unproven exploration land in the highly unstable African country of Uganda , an undeveloped nickel project in Australia , a management team based half a world away from the ICP development project and a primary stock listing in Australia .
Sale Process Did Not Maximize Shareholder Value: The eCobalt Board did not fulfil its fiduciary duty to explore all other value-maximizing options before entering into an agreement that triggers generous management severance payments and contains a CAD$3 million break fee, which impedes a superior offer.
Circular Does Not Disclose All the Facts: We understand that eCobalt received a letter from one of the industry's top private equity funds interested in funding the entire capital cost to build the ICP under different circumstances that would preclude the Jervois transaction. Why was this critical piece of information not disclosed to shareholders?
If, and when, shareholders reject the terms of this ill-conceived, value-destructive transaction, we would prefer one of two paths:
Option 1 – Remain independent. The cobalt market has struggled over the past 12 months but this will pass and experienced commodity investors understand that mining is a cyclical business. Hard times are not an excuse to give up on your shareholders. As the market improves (and it will), eCobalt shareholders will be rewarded handsomely. Rather than pursue the proposed at-market transaction, the company should complete its long-anticipated updated feasibility study, continue to execute on its strategic plan and be patient when considering strategic transactions. We are in the early innings of an EV revolution the likes of which have never been seen and the Idaho Cobalt Project could become an operating mine at the perfect time.
Option 2 – Run a formal and competitive sale process. If the eCobalt board insists on pursuing a sale, it has a duty to conduct a proper auction. Invite Jervois to participate along with all potential suitors and then work with the party that offers the best consideration to eCobalt shareholders.
A vote for this transaction is a losing proposition: it burdens eCobalt with substantially more geopolitical and operational risk while unjustifiably giving away the upside of the Idaho Cobalt Project, which belongs to the current shareholders.
Voting AGAINST the transaction is a WIN for eCobalt shareholders. If the transaction fails to win the support of eCobalt shareholders, our company can recover from the sharp underperformance and can be in a stronger position to participate in value accretive actions in the future. A renegotiation of the Jervois transaction at materially better terms would also be a win for eCobalt shareholders. There is no apparent downside in voting AGAINST this deal.
We urge shareholders not to allow complacency to permit eCobalt's board to sneak this flawed deal through. Shareholders requiring any assistance in executing their proxy or voting instruction form, can contact First Cobalt Corp. proxy solicitation agent Gryphon Advisors Inc. at: 1-833-335-6118 or 1-416-661-6592 or inquiries@gryphonadvisors.ca.
The Facts
The Idaho Cobalt Project is a permitted North American cobalt project and one of precious few primary cobalt assets outside the DRC. The ICP is also a very high-grade project by global standards and CAD$135 million has been spent to date developing the project. Putting the ICP into production would provide America with an ethical source of U.S-based cobalt and help ensure that the country's national security and economic interests are secure for years to come.
In September 2017 , eCobalt announced the results of a feasibility study that estimated a total capital cost to build the ICP at US$187 million , comprised of US$63 million for the mine and mill and US$124 million to build a cobalt refinery in Idaho . Shortly after the release of the study, eCobalt decided that it would forego the cost of building a cobalt refinery and instead seek to sell a lower value cobalt-copper-arsenic concentrate to a third party refiner.
eCobalt embarked upon a global marketing effort to identify a refinery capable of treating elevated levels of arsenic but to no avail. During this period, First Cobalt approached eCobalt with a proposal to recommission First Cobalt's hydrometallurgical refinery in Canada as it was permitted to treat high levels of arsenic and had a successful operating history. Based on the published results of eCobalt's feasibility study and a First Cobalt refinery scoping study, First Cobalt believed at that time eCobalt could eliminate most of the US$124 million in capex of a new refinery by using the First Cobalt refinery.
On September 27, 2018 , Michael Callahan was appointed as new CEO of eCobalt. On January 16, 2019 , the two company CEOs had the first of several strategic discussions. First Cobalt offered to "give" the refinery to eCobalt for future consideration, in the belief that a commercial arrangement would be of significant benefit of both companies' shareholders. Discussions intensified, culminating in a meeting on February 16 and 17 to discuss the benefits of merging the two companies to capture the vertical integration synergies by combining the ICP and the First Cobalt refinery. Discussions focused on the benefits of creating a North American pure-play cobalt company by bringing together the ICP, the refinery, First Cobalt's Iron Creek Project in Idaho and First Cobalt interests in the Canadian Cobalt Camp.
eCobalt and First Cobalt signed a non-disclosure agreement with a standstill clause, which prevented either party from making an unsolicited bid for the other company. Thereafter, repeated requests to advance due diligence and exchange confidential information were ignored by eCobalt.
We understand that other parties have expressed an interest in a corporate transaction and that some of them also signed non-disclosure agreements with a standstill provision but that no serious discussions ensued. It is our understanding that those parties who signed a non-disclosure agreement with eCobalt were never approached to table an offer that could have created more value for eCobalt shareholders.
Instead, the board agreed to support the Jervois transaction with a Lock Up Agreement and under penalty of a CAD$3 million "break fee" if they failed to recommend that shareholders approve the deal. The board of eCobalt also failed to file the Lock Up Agreement with securities regulatory authorities as is required by law. By failing to do so, potential suitors were placed at an additional disadvantage and the eCobalt board further impeded any opportunity for shareholders to maximize value for their shares.
Objection #1: Incredibly Dilutive
eCobalt shareholders are being asked to give away a crown jewel, the Idaho Cobalt Project. Shareholders would own just 47% of the combined company while the owners of 53% are contributing nothing of concrete value. The proposed transaction defies any business rationale and does not in any way move the Idaho Cobalt Project closer to production. Why should eCobalt shareholders give away 53% of a permitted North American cobalt project in a deal that lacks a formal valuation? In the 2017 feasibility study, the ICP had a reported project net asset value of US$136 million after tax whereas the company is being sold for US$44.8 million as of the date of the announcement. By contrast, the value of Jervois' nickel project and early-stage African copper exploration prospects are far from clear and both Jervois assets detract from eCobalt's appeal as a pure-play cobalt company.
Objection #2: Fails to Advance the Idaho Cobalt Project
Once the eCobalt board abandoned the idea of building a cobalt refinery in late 2017 in an effort to reduce the capital cost, the primary obstacle has been to identify a refinery willing to buy the mine concentrate. For the past 18 months, management traveled to every corner of the earth but has not secured an offtake contract due to very high levels of arsenic in its concentrate.
Any transaction involving eCobalt must do at least one of two things: (1) offer technical solutions to de-risk the ICP and/or (2) result in a significant capital injection. The proposed transaction is a share-for-share exchange that does nothing to bring the ICP closer to production.
There is a refinery in Canada that is permitted and has a history of treating arsenic cobalt concentrates that has attracted interest from some of the world's largest cobalt miners. eCobalt refused to even consider the option, not as a result of due diligence or a technical review but because it was perceived as a threat to the incumbent board and management team. Management of eCobalt considered building and permitting a roasting facility in Idaho to remove the arsenic but the process is unproven, results in additional capital requirements and would still result in eCobalt giving away an important part of the value chain to a third party refiner.
The proposed Jervois transaction does nothing to solve critical technical obstacles to developing the Idaho Cobalt Project and the company's cash balance is insufficient to advance the project. More dilution is to be expected from this deal as Jervois will be forced to pursue a dilutive equity offering under any scenario. That means our 47% interest will drop even further if this deal is approved.
Objection #3: Introduces New Risks
The Jervois transaction brings with it a number of material new risks that should concern eCobalt shareholders. Jervois just completed a transaction to acquire unproven copper exploration properties in the highly unstable African country of Uganda . Their other asset is an undeveloped nickel project in Australia with cobalt as a by-product for which Jervois is seeking a joint venture partner. The proposed transaction would result in a global collection of disparate assets with no synergies. The primary stock listing and the management team would be based in Australia , too far away from an Idaho mine development project that requires a dedicated team nearby. The eCobalt meeting circular fails to present a compelling transaction rationale and is totally at odds with eCobalt's most attractive investment attributes: a pure-play cobalt development company controlling a permitted critical mineral project in the USA that America desperately needs.
Objection #4: eCobalt Directors Did Not Run a Sale Process, Contrary to the Fiduciary Duties they owe Shareholders
It is our understanding, confirmed by the eCobalt meeting circular, that no parties other than Jervois were given an opportunity to make an offer for eCobalt prior to entering into an agreement with Jervois that includes an egregious CAD$3 million break fee in the event of a superior offer. Over the past two years, eCobalt signed several non-disclosure agreements with companies interested in discussing a merger or strategic relationship. The eCobalt board had other options so why wouldn't they want to explore them?
Just six months after joining eCobalt, incoming CEO Michael Callahan and the board threw in the towel in a tough commodities market, triggering generous severance payments. No effort was made to similarly look after the owners of the company by maximizing shareholder value through a competitive sale process.
TD, who is an advisor to eCobalt's board, has a target price of CAD$0.45 per share, which is 20% above the implied offer. Other sell-side covering analysts have stock price targets that range from CAD$0 .90–$1.70, all significantly higher than the CAD$0.36 implied by the deal on the day of announcement.
We are disappointed that the directors of eCobalt, who collectively own only 1,145,608 shares or about 0.69% of eCobalt, have chosen to move forward with such an inadequate transaction. It appears to us that the board abrogated its duty to shareholders by agreeing to a deal that is extremely favorable to Jervois at the expense of the current shareholders. The proposed transaction gives away control of the ICP without getting paid adequately. The transaction is not in the best interests of shareholders and should not be approved at the Special Meeting.
Objection #5: Circular Does Not Disclose All the Facts
Prior to announcing the transaction with Jervois, we understand that eCobalt received a letter from a highly respected mining private equity firm indicating that it was interested in funding the entire capital requirement to build the Idaho Cobalt Project. The multi-billion dollar fund's interest was premised on eCobalt merging with First Cobalt in order to capture the synergies of a vertically integrated North American pure-play cobalt company by giving eCobalt ownership over the only North American refinery capable of treating arsenic-rich mine concentrate. The belief, supported by published studies, was that this combination could eliminate up to US$95 million in capital expenditures from eCobalt's September 2017 feasibility study estimates.
We are confused and frustrated that no effort was made to even assess this option or consider a win-win relationship in the face of a potential complete funding solution and despite repeated invitations to the eCobalt management team to assess the permitted refinery as a viable, regional processing option. In the interim, Glencore, the world's largest cobalt miner, signed a non-binding agreement with First Cobalt to process its cobalt feedstock through First Cobalt's refinery but eCobalt management has dismissed the facility out of hand. A strategic relationship between First Cobalt and Glencore does not close the door on the opportunity for eCobalt to participate in this commercial venture but eCobalt has thus far refused to even consider the option because it is perceived as a threat to the incumbent board and management team.
It is shocking to us that the eCobalt board ignored the funding letter and failed to mention it in its proxy disclosure to shareholders. At a minimum, the directors as fiduciaries were obligated to consider the possibility of a superior offer before locking up with Jervois – and to disclose all the facts.
What You Can Do
We are extremely disappointed that eCobalt's board of directors has chosen to move forward with such a transaction and we urge you to VOTE AGAINST the plan of arrangement all of the proposals to be voted upon at the Special Meeting.
The proposed transaction relative value is unbelievably lopsided in Jervois' favor. Jervois stock for eCobalt stock is simply a bad deal for eCobalt shareholders.
There are far better options for eCobalt than this value-destructive transaction. The company will not collapse if the deal is voted down. On the contrary, it can prosper in an improving market.
This proposed transaction requires the support of 662/3% of total votes cast at the eCobalt Special Meeting and the deadline to vote is July 17, 2019 at 10:00 am Pacific time .
DON'T GIVE UP CONTROL OF eCOBALT FOR INADEQUATE CONSIDERATION. PLEASE VOTE.
EVEN IF YOU HAVE ALREADY VOTED ON THE PROXY CARD SENT TO YOU BY eCOBALT, YOU CAN STILL CHANGE YOUR VOTE BY SIMPLY RECASTING YOUR VOTE. ONLY YOUR LATEST DATED PROXY CARD WILL COUNT.
If you have any questions, or need help voting, contact Gryphon Advisors Inc. at: 1-833-335-6118 or 1-416-661-6592 or email inquiries@gryphonadvisors.ca. There is a team standing by to assist you.
About First Cobalt
First Cobalt is a North American cobalt company and owner of the only permitted primary cobalt refinery in North America . The Company is exploring a restart of the First Cobalt Refinery in Ontario, Canada , which could produce over 5,000 tonnes of contained cobalt in sulfate per year from third party feed. First Cobalt's main cobalt project is the Iron Creek Cobalt Project in Idaho, USA , which has an inferred mineral resource estimate available on the Company's website. The Company also controls a significant land package in the Canadian Cobalt Camp, spanning over 100 km2 which contains more than 50 past producing mines.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in Support of Public Broadcast Solicitation
First Cobalt is relying on the exemption under section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102") to make this public broadcast solicitation. The following information is provided in accordance with securities laws applicable to public broadcast solicitations.
This press release and any solicitation made by First Cobalt in advance of the Special Meeting is, or will be, as applicable, made by First Cobalt and not by or on behalf of the management of eCobalt.
First Cobalt has filed a copy of this press release containing the information required in section 9.2(4) of NI 51-102 on eCobalt's company profile on SEDAR at www.sedar.com. All costs incurred for any solicitation will be borne by First Cobalt, provided that, subject to applicable law, First Cobalt may seek reimbursement from eCobalt of First Cobalt's out-of-pocket expenses, including proxy solicitation expenses and legal fees, incurred in connection with the Special Meeting. The anticipated cost of First Cobalt's solicitation is estimated to be CAD$30,000 plus disbursements and customary fees.
First Cobalt has retained Gryphon Advisors Inc. ("Gryphon") as its proxy solicitor. Gryphon's responsibilities will principally include providing strategic advice and advising First Cobalt with respect to any solicitations made by or on behalf of First Cobalt in relation to the Special Meeting. Any proxies solicited by or on behalf of First Cobalt, including by Gryphon, may be solicited by way of public broadcast, including through press releases, speeches or publications and by any other manner permitted under applicable laws. A proxy may be revoked by instrument in writing executed by a shareholder or by their attorney authorized in writing or, if the shareholder is a body corporate, by an officer or attorney thereof duly authorized or by any other manner permitted by law.
First Cobalt is not currently proposing any transaction with or involving eCobalt. However, First Cobalt has in the past proposed, and may in the future propose, a transaction with or involving eCobalt.
The head office of eCobalt is 1810-999 West Hastings Street, Vancouver, British Columbia , Canada.
Important Disclosure Information
This press release contains our current views on the value of securities of eCobalt and Jervois. Our views are based on our own analysis of publicly available information and assumptions we believe to be reasonable. There can be no assurance that the information we considered and analyzed is accurate or complete. The actual performance and results of eCobalt and Jervois may differ materially from our assumptions and analysis. Our views and our holdings could change at any time. We may sell any or all of our position or increase our exposure by purchasing additional securities. We may take any of these or other actions regarding eCobalt and Jervois without updating this letter or providing any notice whatsoever of any such changes (except as otherwise required by applicable law). The information contained above is not and should not be construed as investment advice and does not purport to be and does not express any opinion as to the price at which the securities of eCobalt and Jervois may trade at any time. Investors should make their own decisions regarding eCobalt and Jervois and their prospects based on such investors' own review of publicly available information. Neither First Cobalt nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained above.
Cautionary Note Regarding Forward-Looking Statements
This letter and news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", or "might" "occur" or "be achieved". In this press release, forward-looking statements include, but are not limited to, statements concerning the benefits to First Cobalt of merging or otherwise engaging in a business transaction with eCobalt. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE First Cobalt Cor
My guess things are getting hot
Read this post on stockhouse UCU message board and also the next 3
my69z
image: https://stockhouse.com/Stockhouse/images/stars-mask.png
1.5 stars
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May 02, 2019 - 01:52 AM 43 Reads
Post# 29698910
Oct. 2018 --- Suncor's new lower carbon tech ( #1 )
How many times was it said the MOSP is looking into lowering the carbon content for MRT before proceeding? Suncor's CEO Steve Williams announced on Oct. 30th, 2018 ----- Fort Hills Reduced Carbon Life Cycle Dilbit Blend. --- " Through a process called paraffinic froth treatment, Fort Hills generates a crude oil stream that does not have to go through energy-intensive upgrading in order to be sold to refineries". --- His COO comments.... Basically what we do at Fort Hills THAT WE DON'T DO AT ANY OF OUR OTHER MINES is we literally cut off about 10 percent of the barrel. The 10 percent that we cut off has the most carbon in it, so we put that carbon back in the ground, Little told Suncors 2018 annual general meeting. ---- Its kind of like accelerated carbon sequestration. Its much easier to do it when its still in a liquid form versus creating a greenhouse gas and then trying to capture it and put it back in the ground. So we cut it off, put it back in the ground, and then the barrel that we ship to market is a much better quality barrel........now, the fun. I cross-match capitalized the Ucore press release matches and it's extremely obvious, the MOSP is validated @ IBC, for the Ucore/MOSP partnership, especially since it was announced in 2016 MRT was the MOSP choice and it then received initial Canadian funding & formed a partnership.
Read more at https://stockhouse.com/companies/bullboard?symbol=v.ucu&postid=29698910#KVlZM6Bx2ukQ6TJQ.99
This is big
This has to do with rare earths minerals , clean up of Nuke stuff and more
you can read all the good stuff in this lawsuit on the Stockhouse UCU board
Answered --- Izatt issues are 100% related to "Suncor"
In this, the Second Utah Lawsuit, IBC and Mr. Izatt assert 7 causes of action. The first and second causes of action are for breach of contract and breach of the covenant of good faith and fair dealing. IBC and Mr. Izatts complaint goes on for pages, but the actual conduct that allegedly amounts to the various alleged breaches of contract and breaches of the covenant of good faith and fair dealing all occurred outside of Utah, mostly in Canada. Specifically, IBC and Mr. Izatt allege that Ucore breached the contracts by: ------* the excluded exhibits that follow, are actually Ucore press releases because it continues with---- " These announcements were made by a Canadian company, (Ucore) in Canada. ------ Now drop down to G. " .......... (g). Ucore is a Canadian company and at the time these disputed agreements were developed, its officers resided in Canada, so it would presumably have drafted the agreements from its office in Canada. (h). SUNCOR is a Canadian company just like Ucore. See Suncor Articles of Amalgamation attached hereto as Exhibit F.---- Ucore is a Canadian company, so the laws, rules, and regulations it is subject to are Canadian. Indeed, IBC and Mr. Izatt cite to the Canadian regulations that Ucore has allegedly violated. (j). . Ucore would have necessarily MADE THESE PAYMENTS from Canada, where it resides. ---------( There it is, all 7 causes of action are based on Izatt being jealous of a Suncor / Ucore ---- MRT, deal ). Two weeks I found the Utah case and saw Suncor for Exhibit F, I posted it here and never doubled back on some of it. This document being posted today answers everything "Izatt" and glad you guys kept looking into the case, because I for one had moved on and forgot and would have probably never read these excerpts. ------Everything makes sense now: re-read the MOSP news. It excludes IBC. My bet is this ------ Suncor is in fact if not in the original, they are involved indirectly or directly with the Extension Agreement. It's that Agreement IBC is basing their amended claims on. Laymens terms: the MOSP is a known success and Suncor most likely has; 1) 1st right refusal for MRT oil sands based ---- $$ millions upfront. 2 ) Suncor is buying exclusive world-wide oil sands MRT rights ----$$ millions up-front. You can add a world of potential options/deals via Suncor & Ucore MRT.......anyone of them is potentially staggering pay-out(s). It's why Izatt is now nuttier than a squirrels turd. I mean look at the writings in this ruling ------- he even used Canadian laws to bring his Canadian complaints and now challenges jurisdiction!!?? l....m...b...o .. Thanks for keepin the Utah link alive Lightning and Pimpboss. To answer Dragon on is Izatt's game just to stall ---- he won't win with Suncor waiting in the wings, wanting to squeeze as much profits from their oil sands to in-turn, keep investing into ethanol, wind & solar. Per their own generalized press releases
Read more at https://stockhouse.com/companies/bullboard?symbol=v.ucu&postid=29693102#FfzqM6KYwZwYBrME.99
MINING THE FUTURE How China is set to dominate the next Industrial Revolution
Thanks to Dr_Vonschellan on the Katanga Mining Limited (TSX:KAT) board Post 359
Read about the moves by China to dominate critical mineral resources including Niobium, Vanadium, RREs, Niobium, Cobalt, Graphite, Lithium. Scandium is not mentioned but they have a major position/interest in CleanTeq one of the NI, Co, Sc mines that is trying to get going in Australia. They claim to have one of the largest Ni & Co deposits outside of DRC. China owns 12.4% (Pengxin International), Robert Freidland owns 12.9%. MCC (Metallurgical Corp of China) has a Fixed Price EPC contract covering engineering, procurement and on-site construction for process plant scope. IMO this plant will be built (assuming permits are obtained), there will never be any money problems. I suspect that all of the Sc from that company will never see daylight outside of China, probable the Co and maybe the Ni too.
China is way ahead of the "free" or western world in securing these resources.
VERY SCARY
Read more at:
https://foreignpolicymag.files.wordpress.com/2019/04/mining-the-future-fp-may-2019-1.pdf
First Cobalt Announces Investment in eCobalt Shares
https://www.firstcobalt.com/investors/news/first-cobalt-announces-investment-in-ecobalt-shares-
I think the merger could be in trouble
Hint check out the price of cobalt
Data valid for 12 April 2019
LME OFFICIAL PRICES, US$ PER TONNE
Contract Bid (US$ / Tonne) Offer (US$ / Tonne)*
Cash 34500.00 36000.00
3-months 34500.00 36000.00
15-months 34750.00 35750.00
LME Official Prices Curve
check out the price graph
https://www.lme.com/Metals/Minor-metals/Cobalt#tabIndex=2
oops
check out the price of Jervois
Think this is about 3.5 cents under the takeout price needed to do the merger
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Code Last $ +/- Bid Offer Open High Low Volume Chart Status Holding Value Change
JRV 0.225 Down -0.015 0.220 0.230 0.240 0.250 0.215 531,440
I did too back in the $1.08 range, believing the same things, ECSIF is just sitting on these deposits with no intention of mining them, Eventually they'll sell the leases to someone who will, unfortunately at this stage that card isnt in play.
I sold off all my holdings of this company, I do not believe they will mine cobalt anytime soon. I reinvested in a new company. stock investing is a risky business. all these Sm cap pennies are very risky.good Luck Investing.
The ecobalt bagholders are getting the shaft by a bunch of no good SOBs and they are a bunch of SOB liars to boot
,
Jervois Mining and eCobalt To Combine
New Jervois (inclusive of M2 Cobalt) to transform into global industry leader
HIGHLIGHTS
Friendly combination leading to enlarged company with greater scale, liquidity and diversification with re-rating potential
New Jervois (including previously announced merger with M2 Cobalt) to have Australian, East Africa and US project pipeline that includes the Idaho Cobalt Project, the highest combination of cobalt grade and scale in the United States
Increased capital markets exposure through listings in Australia and Canada, greater institutional following and research coverage
15.9% of eCobalt's outstanding shares are committed to vote in favor of the Transaction, comprised of 11.4% of eCobalt shares under voting and support agreements and Jervois' 4.5% of eCobalt's shares
VANCOUVER, April 1, 2019 /PRNewswire/ - eCobalt Solutions Inc. ("eCobalt" or "the Company") (TSX: ECS) (OTCQX: ECSIF) (FRA: ECO) and Jervois Mining Limited (ASX: JRV) ("Jervois") are pleased to announce that they have entered into an arrangement agreement (the "Arrangement Agreement") pursuant to which the companies will combine (the "Transaction"). The Transaction will be completed by way of a Plan of Arrangement under the Business Corporations Act (British Columbia) (the "Arrangement") whereby Jervois will acquire all of the issued and outstanding common shares of eCobalt that Jervois does not already own. Jervois currently owns 7,249,800 common shares in the capital of eCobalt, constituting approximately 4.5% of the outstanding common shares of eCobalt on an undiluted basis.
On January 22, 2019, Jervois announced that it would complete an at-market merger with M2 Cobalt Corp. ("M2 Cobalt") by acquiring all of the shares of M2 Cobalt by way of a Plan of Arrangement (the "M2 Cobalt Merger"). Approximately 50% of M2 Cobalt's outstanding shares have signed customary voting agreements in support of the M2 Cobalt Merger and Jervois shareholder approval is not required. The M2 Cobalt Merger will proceed as previously announced and is expected to be completed in advance of the completion of the Transaction. The M2 Cobalt Merger and the eCobalt Transaction are separate, unrelated mergers.
Transaction Highlights
Enhanced geographic and asset diversification by combining development-stage Nico Young and Idaho Cobalt Project ("ICP") assets in Australia and the United States, respectively, with assets in Africa from previously announced M2 Cobalt Merger
Post-Transaction and closing of the M2 Cobalt Merger, the Board of Directors of the pro forma company ("New Jervois") will consist of three nominees from Jervois and two nominees from eCobalt
Existing Jervois Chairman, Mr Peter Johnston, and Chief Executive Officer, Mr Bryce Crocker, will continue in their existing roles in New Jervois
Primary listing on the Australian Stock Exchange ("ASX") and will seek a listing on the TSX Venture Exchange ("TSXV"); will provide access to the Australian and North American mining capital markets
Under the Arrangement, each common share of eCobalt will be exchanged for 1.65 common shares of Jervois (the "Exchange Ratio"). This represents an implied offer price of C$0.36 per eCobalt share based on the closing price of Jervois' common shares on the ASX on March 29, 2019. After closing of the Transaction, eCobalt stock options and warrants will provide that upon exercise the holders will receive Jervois shares. To increase eCobalt's cash position, eCobalt has entered into a binding term sheet pursuant to which Dundee Resources Limited ("Dundee") has agreed to subscribe for approximately 6.3 million units for aggregate gross proceeds to eCobalt of approximately C$2 million (the "Dundee Placement"). Each unit is comprised of one common share of eCobalt and one common share purchase warrant. The Dundee Placement is conditional on eCobalt obtaining TSX approval.
The Transaction will result in the issue of approximately 262.4 million new Jervois common shares and, if all eCobalt options and warrants were to be exercised, a further 47.0 million new Jervois common shares. Upon completion of the Transaction and after taking into effect the Dundee Placement, pro forma basic ownership of the combined company will be approximately 40% outstanding Jervois shares, and 47% eCobalt outstanding shares (M2 Cobalt will retain 11% of the pro forma ownership)1. No person is expected to acquire a relevant interest of greater than 20% in New Jervois as a result of the shares being issued at completion of the Transaction.
eCobalt is an advanced-stage development company with its flagship asset being the 100% owned Idaho Cobalt Project located near Salmon in Idaho, United States. The ICP is fully environmentally permitted, C$135 million has been spent to date on the project and has the largest NI 43-101 compliant cobalt resource in the United States, with 45.7 MM lbs Co @ 0.59% Co in M&I resources. A new Feasibility Study is underway to contemplate an increased throughput rate of 1,200 tons per day ("tpd") from 800 tpd in the previous Feasibility Study.
Jervois' current flagship asset is the Nico Young cobalt-nickel deposit, located in New South Wales, Australia. Jervois is close to finalizing an economic study based on a JORC compliant Inferred Mineral Resource of 167.8Mt @ 0.59% Ni and 0.06% Co (CIM equivalent)2.
Jervois is in discussions with investment and off-take partners for Nico Young. Jervois' team, made up of former Xstrata/Glencore executives, has deep experience in constructing and commissioning similar operations to Nico Young.
Jervois has applied for a prospecting license over the Kabanga Nickel Project in Tanzania and considers the entry into Uganda through the M2 Cobalt Merger to complement its East African regional ambitions. Jervois is also in discussions with the Government of Uganda regarding a potential restart of operations at the old Falconbridge mine, Kilembe, and the Kasese Cobalt Refinery Limited, an associated cobalt refinery.
As of March 31, 2019, Jervois (including M2 Cobalt) had a cash and cash equivalent balance (including its Cobalt27 Capital Corp. shareholding and excluding its existing investment in eCobalt shares) of approximately A$7.9 million. On March 30, 2019, Jervois accepted an offer from Franco-Nevada to purchase the remainder of Jervois' non-core royalty portfolio for A$3.6 million in cash (subject to certain closing conditions) (the "Royalty Sale"). The Royalty Sale is subject to negotiating a definitive agreement and obtaining certain third party consents. Adjusting for the Royalty Sale, Jervois' pro forma cash and cash equivalent balance would be approximately A$11.5 million.
As of March 31, 2019, eCobalt had a cash and cash equivalent balance of approximately A$3.0 million. Adjusting for the Dundee Placement, eCobalt's cash and cash equivalent balance is approximately A$5.1 million.
The pro forma New Jervois indicative cash and cash equivalent balance is expected to be approximately A$16.5 million. Against the backdrop of challenging cobalt and battery raw material markets, this provides a strong platform to move forward all of New Jervois's expanded portfolio of assets.
__________________________
1
To demonstrate support for Jervois moving forward, certain advisors to the Transaction have elected to receive some of their compensation in equity. This will result in ~9.6 million shares (or ~2% of pro forma ownership).
2
Refer to ASX Announcement 22 November 2017
Transaction Summary
The proposed business combination will be effected by way of a Plan of Arrangement completed under the Business Corporations Act (British Columbia). The Arrangement will be subject to the approval of at least 66 2/3% of the votes cast by eCobalt shareholders present in person or represented by proxy at a special meeting of eCobalt shareholders expected to take place in Q3, 2019. In addition to the eCobalt shareholder approval, the Arrangement is also subject to the Jervois shareholder approval described in the next paragraph and receipt of certain regulatory, court and stock exchange approvals, as well as shares of Jervois being conditionally accepted for listing on the TSXV, and other closing conditions customary in transactions of this nature. Jervois may terminate the Arrangement if the Dundee Placement has not been completed by April 30, 2019.
Jervois will seek shareholder approval for the purposes of Listing Rule 7.1 for the issue of the shares pursuant to the Transaction. The ASX has confirmed based solely on information provided to it by Jervois, that Jervois will not be required to meet the requirements of Chapters 1 and 2 of the Listing Rules for the purposes of Listing Rule 11.1.3. In addition, Jervois will apply for a listing on the TSXV. As a result of the Transaction, assuming completion occurs in early Q3-2019, expenditure across 2019 by Jervois is expected to increase by approximately A$1.75 million, primarily related to the ongoing work at the Idaho Cobalt Project.
Following completion of the Transaction, the Board of Directors of New Jervois will consist of three members from Jervois and two members from eCobalt. Existing Jervois Chairman, Mr Peter Johnston, and Chief Executive Officer, Mr Bryce Crocker, will continue in their existing roles.
The Arrangement Agreement has been unanimously approved by the Board of Directors of both Jervois and eCobalt.
The Directors and executive officers of eCobalt along with Dundee, holding in the aggregate 11.4% of the outstanding eCobalt shares, have each entered into customary voting and support agreements in favour of the Arrangement. Holders of 39.3% of Jervois' shares have provided Jervois with notice of their intention to support the Transaction.
The Arrangement Agreement provides for customary deal-protection provisions, including non-solicitation covenants on the part of eCobalt and a right for Jervois to match any superior proposal. The Arrangement Agreement also provides for customary, reciprocal break fees if the Arrangement Agreement is terminated in certain circumstances.
Further information regarding the Arrangement will be contained in a management information circular that eCobalt will prepare, file and mail to the eCobalt shareholders and the notice of meeting and explanatory statement that Jervois will prepare and mail to the Jervois shareholders in connection with the special meeting of the respective companies to be held to consider the Arrangement. It is anticipated that these meeting materials will be sent to shareholders immediately after the completion of the M2 Cobalt Merger and the meetings to be held in or about August 2019. All shareholders are urged to read the information circular and notice of meeting once available, as it will contain additional important information concerning the Arrangement. A copy of the Arrangement Agreement will be posted under eCobalt's profile on SEDAR (www.sedar.com).
Advisors and Counsel
Cormark Securities Inc. is acting as exclusive financial advisor to Jervois with Ken Klassen and Dentons LLP as legal counsel.
Maxit Capital LP and TD Securities Inc. are acting as financial advisors to eCobalt with Pilot Law LLP as legal counsel. The Board of Directors of eCobalt has received an opinion from TD Securities Inc. to the effect that subject to the limitations, qualifications and assumptions set forth in such opinion, as at March 31, 2019, the consideration to be received by eCobalt shareholders under the Arrangement is fair, from a financial point of view, to the shareholders of eCobalt, other than Jervois, Dundee and their respective affiliates.
Qualifying Statements
Competent Person's Statement
The information in this release that relates to Mineral Resources is based on information compiled by David Selfe who is a full-time employee of Jervois and a Member of the Australasian Institute of Mining and Metallurgy. David Selfe has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. David Selfe consents to the inclusion in the release of the matters based on their information in the form and context in which it appears.
The technical content of this news release, as it relates to eCobalt, has been reviewed and approved by Darby Stacey, P. Eng, Process Manager of eCobalt and a qualified person as defined by National Instrument 43-101.
For further information, please contact:
Jervois Investors and Analysts:
eCobalt Investors and Analysts:
Bryce Crocker
Michael Callahan
Chief Executive Officer
Chief Executive Officer
Tel: +61 3 9583 0498
Tel: +1 604 682 6229 x 206
Jervois Media:
eCobalt Investors, Analysts & Media:
Nathan Ryan
Fiona Grant Leydier
NWR Communications
V.P. Corporate Communications
Tel: +61 420 582 887
Tel: +1 604 682 6229 x 206
About Jervois
Jervois Mining has been listed on the Australian Securities Exchange (ASX) under the ticker JRV for more than 50 years. In late 2017, Jervois completed a board and management transformation, with a new focus on the growing battery metals market. Jervois' core project is the 100%-owned Nico Young nickel-cobalt laterite deposit in New South Wales, Australia.
About eCobalt
you might be waiting a long time before you make any money on E Cobalt, I cashed in lost of money on this long bet.I might be 2 years before they E cobalt finds a strategic partner to finance the mine.find another stock to make money on and keep this one on the back burner until more positive news.
'jigen9378'
I have been reading the merger and come away with a great big thinking that ECS management has been lying threw there teeth to the stockholders . This deal was not put togeather over night and another thing the advisiours get about 9.5 million shares of the new company in lew of fees
Everyone wondered why ECS stock tanked ,,,well my guess naked shorting
I hope them SOBs rot in hell , old Fiona replyed to a email to a posted and man did that B_____ ever feed him a bull manure line . Another thing management gets bought out the way it looks and them a holes are smiling like a hog eating a pile of cow manure
it's merging with Jervois? so that means if it passes we get JRV australian stock in place of ECS? eh not sure about this.
https://www.marketscreener.com/ECOBALT-SOLUTIONS-INC-1409977/news/Ecobalt-Jervois-Mining-and-eCobalt-To-Combine-28329348/
ecobalt was up 8 cents today and BIG close
My guess the 4 th Qt numbers are out or the OFS is done and word leaked out .
Monday could be interesting , glad i bought more
https://finance.yahoo.com/news/billionaires-hunt-underground-cobalt-060102512.html
(Bloomberg) -- A coalition of billionaires led by Bill Gates has thrown its financial weight behind a startup hoping to build a "Google Maps for the earth’s crust" to hunt for new sources of cobalt.
The startup, Kobold Metals, is using data-crunching algorithms to scour the globe for cobalt, in a bet that there may still be significant undiscovered sources of the metal that has become one of the world’s hot commodities thanks to its use in electric vehicle batteries.
The company has raised money from Silicon Valley venture capital firm Andreessen Horowitz and Breakthrough Energy Ventures, a fund backed by Gates and a dozen other tycoons including Jeff Bezos, Ray Dalio and Michael Bloomberg, owner of Bloomberg LP, the parent company of Bloomberg News.
Kobold Metals is betting it will be able to find new sources of the metal using what it calls "machine prospecting." The company is building a database of geological data that it then feeds into an algorithm, hunting for signals that indicate the likelihood of increased concentration of cobalt.
"What we’re building is basically Google Maps for the earth’s crust and below," said Connie Chan, partner at Andreessen Horowitz.
Kurt House, the chief executive officer of Kobold Metals, says the approach could succeed because mining companies have traditionally not focused on looking for cobalt.
The metal is a byproduct of copper or nickel mining in all but one of the world’s cobalt mines, and more than two thirds of global supply comes from the Democratic Republic of Congo.
"People just haven’t looked for the stuff," said House. "There’s very limited history of exploration at all outside of piggybacking on nickel and copper deposits."
Kobold Metals, based in Berkeley, California has already acquired several properties in North America where it hopes to explore for cobalt, he said, and plans to have around a dozen such prospective sites by the end of the year.
House wouldn’t disclose how much money the company had raised or at what valuation, saying only that Kobold Metals has "well over four years of capital right now."
The San Francisco Bay Area-based company is not alone in hoping to capitalize on growth in cobalt demand driven by the electric vehicles revolution. The price of the metal more than quadrupled from 2016 to last year, spurring a wave of new supply from miners like Glencore Plc and Eurasian Resources Group Sarl, as well as small-scale diggers in Congo.
As a result, prices have fallen 64 percent in the past 10 months. In the longer term, Darton Commodities, a trading house that compiles data on the sector, says there are over 50 cobalt exploration projects, mostly in Australia and Canada.
And battery makers are working to reduce the amount of cobalt in their batteries or eliminate it altogether.
House said he was unfazed by those efforts, arguing that cobalt’s physical properties mean that if his company can contribute to ensuring plentiful, low-cost supplies, it could help persuade battery makers not to substitute the metal.
"You can absolutely make batteries that are really good without cobalt -- no question you can," he said. But "a little bit of cobalt will always be good".
While big mining companies are already experimenting with large-scale data crunching, House said their efforts are principally aimed at improving operations. For example, Barrick Gold Corp. in 2016 partnered with Cisco Systems Inc. to analyze real-time data from its mines in a push to improve efficiency.
House said the company would look to bring in other investors -- potentially including its current backers -- on a deposit-by-deposit basis once it has identified an interesting project. "We don’t intend to be a mine operator ever," he said.
Ian Pearce, a director of Kobold Metals who is the former head of nickel at Xstrata Plc, said that the company was using the technology in a different way from established mining companies.
"You hear a lot of chatter in the mining space about data and the digital age," he said. "When I looked at some of the ways these data scientists are looking at the data and assembling models, I haven’t seen anything like it before."
Hi Scott
The news that we would have a secondary and the Glencore news did the damage . The Glencore news is bull manure as far as i'm concerned . They said they were cutting copper production because of LOW copper prices . LOL I think i heard on CNBC that copper prices are the highest in a year or more so i can not believe that was the real reason . My guess these people are saying to themself why produce all this cobalt and make peanuts when we can cut production and get the price back up to the $40.00 - $50.00 lb range
whats the latest with ECSIF Farm??? it keeps dropping
Idaho cobalt project development stalled by weak near-term price outlook
http://www.miningweekly.com/article/idaho-cobalt-project-development-stalled-by-weak-near-term-price-outlook-2019-02-20
ecobalt needs a good house cleaning
This new CEO is just another liar , we were told the new plan out October [ did not say what year ]
Now we get a update and what is in it ZERO , nothing on progress at the mill and mine but we are hiring people to sit and watch and do nothing .
Please do not say they are working on getting things done [ we have hired a outfit to tell us what to do witch by way it looks is sit and watch ].
Someone said we spent 13 million on construction in last 6 months and all we got is two building built and these building were already in storage , oooops we got the cement poured for the fuel loading site .
Hey we did get the liner down in the one large waste lake [ plastic has been stored on site per pics , so had to have been paid for
eCobalt Provides Corporate Update on the Idaho Cobalt Project
New targeted production rate increases throughput 50% providing robust project economics and resilience to lower cobalt prices
VANCOUVER, Jan. 7, 2019 /CNW/ - eCobalt Solutions Inc. ("eCobalt" or "the Company") (TSX: ECS) (OTCQX: ECSIF) (FRA: ECO) is pleased to provide an update on its Idaho Cobalt Project (the "ICP"), located near the town of Salmon in east-central Idaho, in the heart of the historic Idaho Cobalt Belt. The ICP is the only near-term, environmentally permitted primary cobalt project in the United States.
Following an extensive internal review, the Company's team has identified the potential to increase the targeted production rate to 1,200 tonnes per day ("tpd") from 800 tpd, an increase of 50% compared to the previous mine plan. This 1,200 tpd mine plan with improved economies of scale should create a more resilient project economic plan that can withstand the volatility of the cobalt market experienced recently. A larger and more robust plan will furthermore elevate eCobalt's position in the cobalt market.
Read more at:
https://www.ecobalt.com/news/news-releases/ecobalt-provides-corporate-update-on-the-idaho-cob-20190107
You're welcome, glty and all!
A likely candidate for a merger would be
ePower. They recently listed on the U.S. OTCQB under the symbol EPWMF.
https://epowermetals.com/properties/panther-creek-1/
G-OiL-D
Thanks for the info
I agree that some m&a will go on as we get closer to production. First Cobalt already took out US Cobalt.
Here's a link that shows the various
companies that have holdings in the Idaho cobalt region. There are a couple of companies that are adjacent and overlapping ECSIF's holdings. I wouldn't be surprised to see some mergers and acquisitions in the near future. Too much invested already for ECSIF not to continue with the mine opening. Presidential election also coming up on Dec. 23 in the Democratic Republic of Congo. Could have a major effect on cobalt production.
http://hybrid-minerals.com/idaho-cobalt-belt/
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Just a board to exchange ideas and information about this Canadian mining company - Formerly known as Formation Capital Corporation.
eCobalt (the Company)’s primary asset, the 100% owned Idaho Cobalt Project, remains the only advanced stage, near term, environmentally permitted, primary cobalt deposit in the United States. The ICP will ethically produce environmentally sound battery grade cobalt salts, made safely, responsibly, and transparently in the United States.
The ICP is comprised of the Mine/Mill (M/M) site located in Lemhi County, Idaho, near the town of Salmon, Idaho and the Cobalt Production Facility (CPF), a stand-alone hydrometallurgical facility will be located in Southern Idaho near the city of Blackfoot. The CPF will process concentrates from the M/M into cobalt, copper and gold end products. The project is slated to produce the equivalent of 1,500 tons of high purity cobalt sulfate annually over a projected mine life of 12.5 years.
The ICP is fully permitted having received a final Environmental Impact Statement and positive Records of Decision from both the U.S. Department of Agriculture National Forest Service and the U.S. Environmental Protection Agency. A Feasibility Study on the ICP completed in 2008 allowed the Company to finance the initial construction of the project. To date approximately 90% of the earthworks have been completed at the minesite.
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