US Cobalt Inc. (USCO.V) coverage was initiated on September 1, with subsequent notes on December 26 and January 17. The company's core project is Iron Creek located in Lemhi County, Idaho, USA. Since our last update, the following releases were issued.
Jan. 18 - Stock options granted (2M) at. $0.71 cents.
Jan. 31 -Appoints Garett Macdonald as Technical Advisor.
Feb. 7 - Expanded Diamond Drill Sampling, Increases Widths of Iron Creek Cobalt Mineralized Envelop.
Feb. 23 - Initiated 2018 Underground Exploration Drilling to Follow Up on the Successful 2017 Surface Drilling.
Mar. 1 - Drills Additional High Grade Cobalt and Extends Mineralization Beyond the Historic Estimate Targets.
Mar. 14 - First Cobalt Announces Friendly Acquisition of US Cobalt.
The term of the acquisition are as such: "...all of the US Cobalt issued and outstanding common shares will be exchanged on the basis of 1.5 First Cobalt common shares for each US Cobalt common share issued and outstanding (the "Exchange Ratio"). The Exchange Ratio represents a 61.8% premium to US Cobalt's closing price and a 58.5% premium based on both companies' 5-day volume-weighted average trading prices, both as at March 13, 2018 ".
While the premium offered by First Cobalt was generous, investors who sold today did very well. On February 14th, USCO.V closed at $0.66 cents, and today $1.25. For now, we'll be closing our coverage of USCO.V and explore future options in the Cobalt space.
PS. Today's news, was foreshadowed by abnormal volume - 10 of the last 13 days (76%) had volume above the mean for the the last three months.
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