First Cobalt Announces Results from AGM

First Cobalt Announces Results from AGM

TORONTO, June 27, 2018 /CNW/ - First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the "Company") is pleased to announce the nominees listed in the management information circular dated May 25, 2018 were elected as directors of First Cobalt.

Detailed results of the vote for the election of directors held at the annual and special shareholders meeting June 26, 2018 are set out below.

All other resolutions provided for in the management information circular were also approved. The continuation of the Company under the Canada Business Corporations Act and the amended and restated long-term incentive plan remain subject to receipt of final acceptance from the TSX Venture Exchange.

In accordance with the Company's amended and restated long term incentive plan, First Cobalt has granted certain officers, directors, and advisors of the Company incentive stock options to purchase an aggregate of 2,273,333 stock options common shares of First Cobalt vesting over three years and exercisable at a price of C$0.49 for a period of sixty months. The Company has also granted 800,833 Deferred Share Units, Performance Share Units and Restricted Share Units to directors and officers, some of which are subject to vesting provisions.

Pursuant to certain requirements of the Australian Securities Exchange and in relation to their original grant in December 2017, First Cobalt has re-granted to certain current and former directors of the Company incentive stock options to purchase an aggregate of 613,839 common shares of First Cobalt exercisable at a price of C$1.43 for a period of sixty months, as well as 1,146,736 Deferred Share Units and Performance Share Units, some of which are subject to vesting provisions.

All grants remain subject to the approval of the TSX Venture Exchange.

About First Cobalt

First Cobalt is a vertically integrated North America pure-play cobalt company. First Cobalt has three significant North American assets: the Iron Creek Project in Idaho, which has a historic mineral resource estimate (non-compliant with NI 43-101) of 1.3M tons grading 0.59% cobalt; the Canadian Cobalt Camp, with more than 50 past producing mines; and the only permitted cobalt refinery in North America capable of producing battery materials.

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. 

Historic Estimates

The Company considers the cobalt and copper tonnage and grade estimates above as historical estimates. The historical estimates do not use categories that conform to current CIM Definition Standards on Mineral Resources and Mineral Reserves as outlined in National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and have not been redefined to conform to current CIM Definition Standards. They were prepared in the 1980s prior to the adoption and implementation of NI 43-101. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and the Company is not treating the historical estimates as current mineral resources. More work, including, but not limited to, drilling, will be require to conform the estimates to current CIM Definition Standards. Investors are cautioned that the historical estimates do not mean or imply that economic deposits exist on the properties. The Company has not undertaken any independent investigation of the historical estimates nor has it independently analyzed the results of the previous exploration work in order to verify the accuracy of the information. The Company believes that the historical estimates are relevant to continuing exploration on the properties.

SOURCE First Cobalt Corp.