RE:RE:RE:RE:RE:RE:Hope u were able to add at the lowActually, that’s precisely what happened. It was a friendly aqusition or “merger” which will pay ECS holders 1.65 Jervois shares for each of their ECS shares. ECS will cease to exist. The new board will consist of 3 JRV members and 2 joining ECS members. The deal hasnt closed yet, but it will soon.
FCC purchase of 9,640,500 ECS shares is actually a purchase of 15,424,800 JRV shares. JRV will own the ICP Project which is the asset with the most obvious connections to FCC. However, JRV has other assets as well. Their Nico Young Nickel-Cobalt project in New South Wales, Australia is currently in the Pre-feasibility stage. It has JORC inferred resources of 167.8MT@ .59% Ni and .06% Co. They’ve also recently purchased M2 Cobalt for their Uganda assets in the exploration stage.
FCC’s purchase of the ECS shares is likely not just about ECS’s ICP project. It’s the most obvious because of its location but there are very likely other benefits to owning the JRV shares. Looks like FCC will own ~ 2.7% of the pro-forma JRV shares once the dust settles. Not a huge position but possibly very advantageous for FCC nonetheless .
It is almost a certainty that FCC had been in discussions with JRV/ECS management prior to making this share purchase. They’ve called it an “investment” but it likely comes with some immediate under the surface benefits. JV with JRV at the Ontario refinery? The general
public won’t know for sure until something is released, but I’d suspect this isn’t just about buying a little chunk of ICP in Idaho. The Jervois guys are ex-Gelncore and know Cobalt inside out. For me, this is an exciting announcement and one that will likely be very fruitful down the road. GLTA