First Cobalt receives CFIUS OK for U.S. Cobalt deal The Committee on Foreign Investment in the United States (CFIUS) has completed its review of the previously announced proposed acquisition of U.S. Cobalt Inc. by First Cobalt Corp. and has concluded that there are no unresolved national security concerns with respect to the transaction.
Under the plan of arrangement transaction announced March 14, 2018, First Cobalt will acquire all of the issued and outstanding shares of US Cobalt. US Cobalt owns the Iron Creek Cobalt Project, located in the Idaho Cobalt Belt and has a 1.3M ton historical resource estimate (non-compliant with NI 43-101) grading 0.59% cobalt.
It is anticipated that the transaction will be completed before the opening of markets on June 4, 2018