eCobalt Solutions: President’s Letter to Shareholders

(firmenpresse) - eCobalt Solutions: Presidents Letter to Shareholders

August 8, 2016

Dear Fellow Shareholders,

What an exciting year fiscal 2017 has proven to be. Staying true to our clear goals, we are now closer than ever to realizing our objective of becoming North Americas sole, near term, ethically sourced primary cobalt producer. In our last Letter to Shareholders, prior to last years AGM, I believe we summarized the message best by saying We believe we are in the midst of a positive perfect storm. Lets review where this ongoing storm has taken us so far:

- In May of 2015, the Company filed a PEA on the ICP with NPV of US$113,000,000 discounted at 8.5%, IRR of 24.07% and a 12.5 year mine life after pre-production;

- Earlier in 2015, the Company commissioned metallurgical test work to determine the viability of producing cobalt sulfate heptahydrate. Subsequently, in December of last year, the Company announced the completion of initial bench test production of cobalt sulfate heptahydrate crystals from ICP ore samples suitable for rechargeable batteries used in electric vehicles;

- On March 3, 2016 the Company announced final metallurgical test work results on bench test production of cobalt sulfate heptahydrate crystals. In that same news release the Company announced it had sent out requests for Proposals to commission a feasibility study to numerous qualified engineering firms. This coincided with the overall strengthening of the resource markets, and the subsequent commissioning of InvestorIntel and Visual Capitalist to further assist in the awareness campaign of cobalt as being an essential element for the emerging EV and grid storage sectors. These factors contributed significantly to the strengthened share price performance:

http://www.irw-press.at/prcom/images/messages/2017/38682/QV160805_FCO_Presidents Letter_August 8_2016PRcom.001.jpeg


- With a strengthening share price, on May 4, 2016, the Company announced that it had entered into an Agency Agreement with Dundee Securities Ltd. to act as the lead agent for a $3,000,000 private placement at $0.30 per unit.

- Subsequently, in response to the strong interest generated in the private placement financing, on May 9, 2016, the Company announced the granting of the option to sell up to 50% of additional Units on the same terms as the original offering.

- On June 1, 2016, the Company announced the successful closing of an oversubscribed private placement with net proceeds of CDN $4.4 M.

- With proceeds in hand, on June 21, 2016 the Company announced the awarding of the Feasibility Study to Micon International and SNC-Lavalin. Micon was already familiar with the project acting as due diligence providers for lenders in the past, while SNC has experience in cobalt hydrometallurgical solvent extraction.

- On July 6, 2016, the Company engaged Red Cloud Klondike Strike Inc., as capital market advisors to further assist management in its awareness campaign.

- In light of the companys emergence as a strong player in the renewable energy and electric vehicle sectors, just last Friday on August 5th, the Company announced its name change to eCobalt Solutions Inc., with a new mission statement:

eCobalt Solutions is committed to providing a unique opportunity for consumers to acquire an ethically sourced, environmentally sound, transparent supply of battery grade cobalt salts, essential for the rapidly growing rechargeable battery and renewable energy sectors, produced safely and responsibly in the United States.

With a strong sense of purpose, a new look and feel, a strong cash position to support a feasibility study well underway and a dedicated team of Management and Directors, we believe this will be an exciting year ahead and on behalf of the management team at Formation Metals Inc., I want to thank you, our shareholders, for your continued support

If you would like further information or wish to sign up for email updates please contact us at 604-682-6229 ext. 228, or please email us at dmann(at)formationmetals.com. All 2015 AGM materials have been posted on our website.

eCobalt Solutions Inc.

J. Paul Farquharson

J. Paul Farquharson
President & CEO

For further information please contact:
eCobalt Solutions Inc., 1810 - 999 West Hastings Street, Vancouver, BC, V6C 2W2
Tel: 604-682-6229 - Email: inform(at)ecobalt.com - Web: ecobalt.com

As used in this press release, feasibility study simply means a study report with the type of information and documentation typically required by financial institutions for the purposes of evaluating and financing projects similar to the ICP as described under AACE guidelines for a Class 3 estimate. For greater certainty, the use of the word feasibility study does not guarantee that the ICP is one that will secure project financing.

Cautionary Statement on Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Statements in this news release pertaining to expected finance completion date are forward-looking statements. These forward-looking statements are based on assumptions and address future events and conditions and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Such projections are and will inevitably always be dependent on assumptions about future mineral prices and development costs which will be subject to fluctuation due to global and local economic and industry conditions. Further information regarding risks and uncertainties which may cause results to differ from those contained in forward-looking statements is included in filings by the Company with securities regulatory authorities and is available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although the Company has disclosed that the Idaho Cobalt Project remains the sole, near term, environmentally permitted, primary cobalt deposit in the United States and offers a unique potential for North American consumers to secure an ethically sourced, environmentally sound supply of battery grade cobalt chemicals, there is no guarantee that the Company will attain commercial production of such cobalt chemicals for use in the rechargeable battery sector. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

The statements contained in this news release in regard to eCobalt Solutions Inc. that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including eCobalt Solutions Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to eCobalt Solutions Inc. as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.

Unternehmensinformation / Kurzprofil:
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Bereitgestellt von Benutzer: irw
Datum: 23.01.2017 - 17:05 Uhr
Sprache: Deutsch
News-ID 519281
Anzahl Zeichen: 8217

contact information:
Town:

Wien

Kategorie:

Business News

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