CFIUS Clearance: First Cobalt Corp. and US Cobalt Inc.

Status: Clearance

Acquirer: First Cobalt Corp. (Canada)

Acquired: US Cobalt Inc. (U.S.)

Value: $115 million

Industry Tags: Mining; Precious Metals

On March 14, 2018, the First Cobalt Corp., a publicly traded (TSX: FCC) Canadian company “in the business of acquisition and exploration of resource properties with a focus on . . . the cobalt market,” entered into an agreement with US Cobalt Inc. to acquire all of the issued and outstanding shares of US Cobalt pursuant to a plan of arrangement.  (See First Cobalt Corp.,Revised Annual Information Form, Dec. 18, 2018, available on SEDAR.) “The transaction received formal approval from the Committee on Foreign Investment in the United States (CFIUS) on June 1, 2018.”  (Id.) On June 4, 2018, First Cobalt Corp. announced the completion of the acquisition of US Cobalt.  (Id.)   

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