Shareholders Approve Name Change to CBLT Inc.
Burlington, Ontario--(Newsfile Corp. - April 24, 2017) - The shareholders of Green Swan Capital Corp. (TSXV: GSW) (the "Company" or "Green Swan") today approved all items put forward at the Annual and Special Shareholder Meeting, including the re-election of all directors and an approval to change the Company's name to "CBLT Inc."
The Company believes the world entered a cobalt-deficit position in 2016, due to a combination of falling production and increased demand for cobalt in power storage devices like batteries and the Powerwall, and that this deficit will continue for a number of years. This deficit is reflected on the London Metal Exchange where the price of cobalt is up over 250% since February, 2016.
War-torn Congo cannot be a reliable provider of ethical and transparent cobalt, which means electric battery manufacturers must look to other jurisdictions for their cobalt. The Company began an aggressive move as an early leader in this field, and as a result has created a strong portfolio of mining assets in reliable jurisdictions, to date focusing on Canada.
Changing the name to CLBT Inc. better demonstrates the Company's emphasis on cobalt exploration and development. The Company has reserved the trading symbol "CBLT" pending the formal name change. Regulatory approval will be required for the corporate name change and the symbol change. New social media platforms under the new name will be implemented as soon as possible.
Said CEO Peter M. Clausi, "This vote is a resounding endorsement of the board's early strategic decision to move into cobalt where a transparent supply chain can be managed. With the shareholders' confidence, in 2017 we intend to imminently close the previously-announced $1 million non-brokered financing; to carry out field work in Sudbury, Gowganda and Quebec, and, to continue with our M&A activity to create value with our pen as well as addition to the drill bit."
Green Swan continues to build its impressive portfolio of assets in mining-friendly jurisdictions, including its main Sudbury gold/cobalt asset, Dryden Cobalt, Otto Lake, Chilton Cobalt (Quebec), Geneva Lake, Ryliejack and Mikayla.
