Mr. Frank Basa reports
CANADA SILVER COBALT COMPLETES ASSET ACQUISITION FROM POLYMET RESOURCES
Canada Silver Cobalt Works Inc. has completed its previously announced acquisition of the assets of Polymet Resources Inc., including an assay laboratory and a bulk-sampling plant located in Cobalt, Ont. The asset acquisition was effected through Temiskaming Testing Laboratories Inc., a wholly owned subsidiary of Canada Silver Cobalt.
In payment for the assets, Canada Silver Cobalt issued 690,409 shares to Polymet Resources at a deemed price of 45 cents per share for a total deemed consideration of approximately $311,000. Canada Silver Cobalt also assumed outstanding liabilities of Polymet Resources in the amount of approximately $339,000. Each of the shares was accompanied by one common share purchase warrant. Each warrant entitles Polymet Resources to acquire one additional common share of Canada Silver Cobalt at a price of 50 cents for a period of two years. The shares and warrants are subject to a four-month hold period, in accordance with applicable securities regulations and the policies of the TSX Venture Exchange.
We seek Safe Harbor.
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