TORONTO, ON--(Marketwired - March 06, 2017) - COBALTECH MINING INC. (TSX VENTURE: CSK) (the "Company" or "CobalTech"), announces that it has entered into a debt settlement agreement with TrioResoures AG Inc., a creditor of the Company, to settle an aggregate of $1,356,000 debt owed, in consideration for the issuance of an aggregate of 3,390,000 common shares of the Company (the "Shares") at a deemed price of $0.40 per Share (the "Debt Settlement"). The Board of Directors and Management of CobalTech believe that the Debt Settlement is in the best interests of the Company as it allows it to preserve its cash position. The issuance of Shares is subject to the approval by the TSX Venture Exchange and, once issued, the Shares will be subject to a 4-month hold period pursuant to all applicable securities laws.
About CobalTech Mining:
CobalTech Mining Inc. is a North American cobalt company in Ontario, Canada. The company owns and operates the Duncan Kerr Property located outside of Cobalt, Ontario, in an area known for its geological setting responsible for unique mineralization composed of quartz-carbonate veins enriched in silver-cobalt-nickel-bismuth-arsenic. The company is committed to operating within the strict environmental, health, and safety framework governed by the e3 Plus regulation put forth by the Prospectors & Developers Association of Canada (PDAC).
ON BEHALF OF THE BOARD
(signed) "Antoine Fournier"
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.