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M2 Cobalt and Jervois Mining to form cobalt industry leader in merger with eCobalt Solutions

The newly formed company will have projects in Australia, East Africa and the US
cobalt symbols
eCobalt’s Idaho Cobalt project boasts the highest combination of cobalt grade and scale in North America

M2 Cobalt Corp (CVE:MC) and Jervois Mining  Limited (ASX:JRV) announced Monday that the newly combined company is merging with Idaho cobalt company eCobalt Solutions Inc (TSE:ECS).

The newly formed company will have projects in Australia, East Africa and the US, including eCobalt’s Idaho Cobalt project, which boasts the highest combination of cobalt grade and scale in North America.

READ: M2 Cobalt launches 6,000m of further drilling in Uganda; updates on Jervois Mining merger

The combination will involve the acquisition of all of the issued and outstanding shares of eCobalt and will not impact the previously announced merger of M2 Cobalt and Jervois, the company said in a statement.

"We are fully supportive of Jervois undertaking a transaction with eCobalt, and look forward to securing eCobalt's high-grade Idaho Cobalt Project for the combined group,” said Simon Clarke, CEO of M2 Cobalt.

“The combination with eCobalt advances our combined goal of building the pre-eminent, mid-tier, multi-jurisdictional battery materials supplier and secures one of the highest quality cobalt deposits globally.”

Merger timeline

According to Clarke, the transaction with Jervois is well advanced, and M2 does not expect the transaction with eCobalt to impact the timeline or the process of integrating operations with Jervois.

M2’s merger with Jervois is subject to regulatory and shareholder approval, as well as Jervois’s conditional acceptable for listing on the TSX Venture Exchange.

Contact Angela at [email protected]

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March 22 2019

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