CBLT Updates M&A and Announces Warrants Expiry
Burlington, March 15, 2021 - On March 1, 2021 CBLT Inc. (TSXV: CBLT) ("CBLT") announced it had reached a meeting of the minds with an arm's length third party for CBLT to acquire a greenfield Ontario mining asset that is prospective for some of the battery metals. Since then CBLT's due diligence review showed two additional arm's length parties having an ownership interest in that property. CBLT has entered into good faith discussions with those additional parties and has a reasonable expectation it will be able to convert those discussions into a binding agreement. There are no assurances that the parties will be able to reach a definitive agreement, or that the contemplated transaction would close as contemplated or at all.
"As a CBLT team we have been carrying out effective M&A, and we expect to keep doing so," said Peter M. Clausi, CEO. "Mining companies can create value with the pen and with the drill bit."
As previously announced, CBLT will be in the field as soon as reasonably possible, starting most likely with Shatford Lake, Manitoba. Shatford Lake is enticing due to its close proximity to the world-famous Tanco Mine (lithium-caesium-tantallum-beryllium) and its pegmatite showings.
On March 12, 2019, CBLT acquired a portfolio of Canadian mining assets. Part of the consideration paid by CBLT for that portfolio included 21,000,000 common share purchase warrants exercisable at eight cents for a two-year term (the "Warrants"). A small number of the Warrants have been exercised. The remainder expired on March 12, 2021.
CBLT's operating thesis is that a strong commodity super-cycle is beginning, and the main benefactors will be the metals that support the Green Revolution. CBLT's shareholders are well-positioned to benefit from that thesis.
CONTACT INFORMATION
Peter M. Clausi
CEO and Director
1 416 890 1232
pclausi@cbltinc.com
@ClausiPeter
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