International Cobalt Corp. & General Magnesium Corporation Engage Laurentian Bank as Financial Advisor

VANCOUVER, British Columbia, Oct. 20, 2021 (GLOBE NEWSWIRE) -- International Cobalt Corp. (CSE:CO) (the “Company” or “International Cobalt”) and General Magnesium Corporation (“GMC”) (collectively, the “Companies”) are pleased to announce that Laurentian Bank Securities Inc., (“Laurentian Bank Securities”) has been engaged as Financial Advisor, to the Companies.

In accordance with a press release dated August 11, 2021, International Cobalt announced the terms of a definitive “Business Combination Agreement” (the “Agreement) with GMC and 2857695 Ontario Inc. (“Subco”), a newly incorporated, wholly-owned subsidiary of International Cobalt. Pursuant to the Agreement, International Cobalt will acquire all of the issued and outstanding shares of GMC in exchange for shares of International Cobalt (the “Transaction”). The Transaction will constitute a reverse takeover of International Cobalt by GMC and will be a “fundamental change” of International Cobalt pursuant to the policies of the Canadian Securities Exchange (“CSE”), requiring approval from the CSE. Approval of the shareholders of International Cobalt and GMC will also be required.

Laurentian Bank Securities has been engaged to advise the Companies on the execution of a private placement of up to $4,000,000 in gross proceeds, through the issuance of securities of GMC, a portion of which may be issued on a “Flow-Through” basis pursuant to subsection 66(15) of the Income Tax Act (Canada). The proceeds of the private placement will be held in escrow and released to the Combined Company on close of the Transaction. The proceeds of the private placement will be used to fund the development of the Whitney Talc-Magnesite project and for general working capital purposes.

“GMC asserts an extraordinary level of value can be facilitated through the achievement of our pending financing goals. Our ideally situated, Timmins project, hosts two (2) high-value industrial minerals, Talc and Magnesite:

• both Talc and Magnesite represent growth opportunities that are finding new niches, through R & D initiatives, in multiple industries, globally.
• Our name, General Magnesium Corp., reflects our ultimate objective of refining our abundant magnesite resource into Magnesium metal.
• Magnesium metal prices are experiencing unprecedented upward price pressure, as China supply, representing 80% of global supply, falters.
• The main growth segment for Talc is thermoset plastics for automotive and aerospace.

We have every confidence that Laurentian Bank Securities will provide significant strategic advice to GMC in their capacity as Financial Advisor. We look forward to engaging with investors and institutions, as we prepare to move our advanced stage Timmins project, through our fully scoped Definitive Feasibility Study, to be undertaken by a highly specialized team, of world-class industry professionals,” states GMC President & CEO, Michael Nikiforuk.