CBLT Announces Second and Third Conditions Met by Optionee of Chilton Cobalt
![CBLT Announces Second and Third Conditions Met by Optionee of Chilton Cobalt](https://www.goldseiten.de/media/goldseiten-news.jpg)
Burlington, November 21, 2022 - CBLT Inc. (TSXV: CBLT) ("CBLT") announced on June 13, 2022 it had entered into an option agreement (the "Option") with PowerStone Metals Corp. ("PowerStone") for CBLT's Chilton Cobalt property ("Chilton Cobalt"), subject to the fulfilment of four conditions. On July 25, 2022 CBLT announced the first condition had been satisfied by PowerStone.
CBLT is now pleased to announce the second and third conditions pursuant to the Option have been satisfied. In particular, PowerStone has satisfied the second condition by carrying out a financing of more than $900,000, which far exceeds the minimum of $250,000 set in the Option. The third condition has been satisfied by PowerStone carrying out geologic work (the "Work") at Chilton Cobalt of at least $100,000 by September 30, 2023.
"We are very pleased to see PowerStone raising capital and putting it into the ground at Chilton Cobalt," said Peter M. Clausi. "We see PowerStone positioning itself very well for its contemplated go-public transaction, from which CBLT and its shareholders will directly benefit."
Much of the Work consisted of a diamond drill program that PowerStone has advised was carried out in September, 2022 at Chilton Cobalt. PowerStone provided CBLT with the assay results from the Work on Friday, November 18, 2022. PowerStone is not a reporting issuer and has no obligation to announce the assay results, but has consented to CBLT's disclosure of them.
CBLT is reviewing the assay results and, working with PowerStone's professional geologist, will announce such results and their interpretation as soon as possible.
Shareholders are reminded that CBLT has announced an intention to declare a dividend of some of the PowerStone shares back to CBLT shareholders. See the June 13, 2022 press release for details. That dividend has not yet been declared.
CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
pclausi@cbltinc.com
@ClausiPeter
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145046