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Title : Financial Post does the Cobalt 27 (KBLT.v) buyout scandal
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Financial Post does the Cobalt 27 (KBLT.v) buyout scandal

On August 15th this humble corner of cyberspace said its piece about the change of control rip-off and cozy insider carve-up currently going on at Cobalt 27 (KBLT.v) as Pala Investments and its Russian oligarch owner Iorich screws everyone into the ground and gives its management the dirty money payoff it most definitely does not deserve. Now Gabriel Friedman of Canada's Financial Post has picked up on the story and late last week filed this strong report on the scandal, which is must-read material (not least because there's something of a shareholder revolt going on now. Here's how it starts:

Toronto-based Cobalt 27 Capital Corp., which billed itself as an investment in the electric vehicle revolution, is facing outcries from some of its largest shareholders as it tries to sell its most valuable assets during a market low-point.

The company roared into the market in mid-2017 with an initial public offering, ultimately raising hundreds of millions of dollars to stockpile and acquire royalties on cobalt, an essential metal used in lithium-ion batteries. Within about a year the price of cobalt had hit a five-year peak, only to crash in the latter half of 2018 and never fully recover.

Now the company wants to steer its investors into nickel and to sell its main cobalt assets to its largest shareholder, Pala Investments. Other shareholders would receive $3.57 in cash, plus equity in Nickel 28, a new company that would hold the remaining assets including a stake in a nickel mine in Papua New Guinea.

Read all about it right here.

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