Engineering & Mining Journal

APR 2018

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REGIONAL NEWS - U.S. & CANADA 10 E&MJ • APRIL 2018 www.e-mj.com First Cobalt stock options and be exercis- able for First Cobalt shares based on the Exchange Ratio for the remainder of their original term, and all US Cobalt warrants outstanding will participate in the trans- action on a comparable basis to holders of US Cobalt common shares based on the in-the-money portion of those securities. This implies a total equity value of approx- imately $149.9 million. According to First Cobalt, this trans- action positions it as a leading non-Dem- ocratic Republic of the Congo cobalt company with North American projects located close to infrastructure as well as electric vehicle and technology hubs, such as Michigan and California. Three significant North America assets included are 50 historic mines across 100 km 2 in the Canadian Cobalt Camp in Ontario; the Iron Creek cobalt project in Idaho with a historic mineral resource es- timate of 1.3 million tons grading 0.59% cobalt; and the only permitted cobalt re- finery in North America capable of pro- ducing battery materials. "We foresee a shortage of cobalt over the next five years yet there are few compa- nies doing significant work to identify new sources of supply," Trent Mell, First Cobalt president and CEO said. "This transaction creates a larger platform to discover and de- velop cobalt projects for the growing elec- tric vehicle market by combining high-qual- ity North American assets in two of the best cobalt jurisdictions outside the DRC." US Cobalt CEO Wayne Tisdale said, "The transaction offers our shareholders an opportunity to benefit from a larger North American cobalt company with a portfolio of high-quality assets and a strong balance sheet. US Cobalt shareholders will have meaningful ownership in a vertically integrated pure-play cobalt company with a proven and experienced management team that shares our commitment to cre- ating long-term sustainable value." The transaction is expected to close by the end of May. Cameco Announces Northern Saskatchewan Scholarship Cameco, one of the largest uranium pro- ducers, will offer northern Saskatchewan students funding opportunities for post-sec- ondary education beginning this year. Cameco's Northern Saskatchewan Scholar- ship is a dedicated program for residents of Saskatchewan's north who are seeking funding for post-secondary education. "Despite the tough economic times today, Cameco remains committed to our northern partners," said Tim Gitzel, presi- dent and CEO. "We want to support the fu- ture success of today's northern youth and education is key to long-term success." Cameco's Northern Saskatchewan Scholarship offers up to $5,000 per stu- dent each year. With the opportunity to renew up to four terms, this means some students could have their entire degree or certificate funded through the program. A total of $50,000 has been allocated in 2018. Deadline for applications is July 15 and students can apply online at www. cameconorth.com/scholarship. Additional scholarship opportunities are available to northern students through local community scholarships, funded through collaboration agreements with Cameco's community partners, as well as several other scholarships sponsored by Cameco. In total, this fall, more than $200,000 will be available to students. South Dakota School of Mines and Technology Team Wins World Championship The South Dakota School (SD) of Mines & Technology Mining and Mucking Team are world champions, taking home first place in the coed/mixed division at the Inter- national Collegiate Mining Games held March 29-April 1, in Cornwall, England. The team, named Hammerslagen, took The combination creates a cobalt company with North American projects located relatively close to electric vehicle and technology hubs. The coed team from South Dakota School of Mines (above) won the world championship in Cornwall, England.

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