Pacific Rim Announces Name Change to Bolt Metals Corp.

VANCOUVER, British Columbia, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE: BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) is pleased to announce that it has changed its name to Bolt Metals Corp. The name change will be effective on or about February 26, 2020. Trading in the Company’s shares on the Canadian Securities Exchange (CSE) will continue under the stock symbol, "BOLT". Similarly, there will be no change to the Company’s trading symbol on the Frankfurt Exchange or the OTCQB.

The Company is not subdividing, consolidating or otherwise altering its share capital in association with the name change. The name change does not affect the rights of the Company's shareholders and no further action is required by existing shareholders. Certificates representing common shares of Pacific Rim Cobalt will not need to be exchanged as a result of the name change.

Ranjeet Sundher, CEO of the Company, remarks “Rebranding the Company is an important step in our emergence as a resource developer in Asia’s expanding Electric Vehicle supply chain. The Company remains focused on acquiring and developing production grade battery metal projects within the Asia-Pacific region, while employing a vertically integrated “mineral-to-market” strategy to leverage these assets to their fullest.”

The continuation of a number of exciting trends and developments lay the foundation for future growth in every vertical of the EV supply chain, with China leading the way. Nearly every major automotive company is actively shifting focus away from carbon-based cars & trucks while deploying billions of dollars toward battery powered electric vehicle R&D.

Indonesia’s world-leading nickel reserves, proximity to China, and its recent strategic moves to become a dominant player in the EV supply chain, has positioned the country as a primary global supplier of critical EV battery cathode material, specifically nickel.

The Company’s flagship Cyclops laterite nickel-cobalt property features environmental and mining permits, comprehensive infrastructure including year-round sealed road access, close proximity to air and sea transport links, gentle topography and an experienced local workforce.

During 2019 the Company carried out an extensive exploration and development program at Cyclops, located in Papua Province, Indonesia and achieved successful results outlining significant nickel mineralization in drilling and mini bulk sampling.