Vancouver, BC – June 3, 2020 – Fuse Cobalt Inc. (“the Company“ or “Fuse”) (TSXV: FUSE, OTCQB: WCTXF FRA:43W2 is pleased to announce that as permitted by the Company’s Articles, the Board of Directors of the Company has approved and will proceed with a forward share split of its outstanding common shares on the basis of two (2) new shares for every one (1) old share (the “Forward Split”). The record date for the Forward Split will be Wednesday, June 10, 2020, subject to TSX Venture Exchange approval.
The Company believes that having a greater number of common shares at a reduced price will enhance long-term liquidity and increase investor interest in the Company and its business.
Currently the Company has 33,168,283 common shares issued and outstanding and following the Forward Split, the Company will have 66,336,566 common shares issued and outstanding. The Company’s name, CUSIP number and trading symbol will remain the same.
All outstanding stock options and share purchase warrants will be adjusted on the same split ratio and the respective exercise prices will be adjusted accordingly.
Shareholders of the Company do not need to take any action with respect to the Forward Split. The Company’s transfer agent, Odyssey Trust Company, will send registered shareholders a Direct Registration System advice (DRS) representing the additional number of shares to be received as a result of the Forward Split.
About Fuse Cobalt Inc. www.fusecobalt.com
Fuse Cobalt Inc. is a Canadian based exploration company that trades under the symbol FUSE on the TSX Venture Exchange. The Company’s focus is on exploration for high value metals required for the manufacturing of batteries.
Ontario Cobalt Properties: Fuse owns a 100% interest its Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. The Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of Fuse’s Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in the Teledyne Project which consists of 785 hectares of land and is also located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine, a former producer of both silver and cobalt.
On Behalf of the Board of Directors
Robert Setter, President &CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.