Cobalt scraps plans as trading halt ends

COBALT Coal has announced it will not proceed with a previously announced share placement and property acquisition in Kentucky as the miner’s securities trading suspension comes to an end.
Cobalt scraps plans as trading halt ends Cobalt scraps plans as trading halt ends Cobalt scraps plans as trading halt ends Cobalt scraps plans as trading halt ends Cobalt scraps plans as trading halt ends

Courtesy Cobalt Coal.

Justin Niessner

The Calgary-based company said it was set to resume trading this week on the Toronto Stock Exchange after a failure to file a NI 43-101 report prompted a cease-trade order from the Alberta and British Columbia Securities Commission last month.

The reinstatement of share trading, scheduled to take effect tomorrow, coincides with an announcement from Cobalt that it will not proceed with a $100,000 private placement announced last October.

The miner also said it would scrap a $1.6 million plan to acquire the Bell and Knox county properties in Kentucky which were the subject of a February news release.

To clarify, Cobalt said in February it would commission a NI 43-101 report for the Kentucky properties before formally closing the deal, but the cease-trading order was issued for an NI 43-101 report related to the company’s Westchester mine in West Virginia.

The Westchester report was eventually filed on November 15 and the company has since reported that the mine completed its dedicated power line installation.

Cobalt said the updated electricity supply system for Westchester was expected to result in substantial savings in operating costs.

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