Battery Metals Stock Powers Higher on Acquisition

Cobalt 27 Capital Corp. (TSXV:KBLT), a battery metals stock, climbed after agreeing to be acquired by Pala Investments Limited

Sean Mason | June 18, 2019 | SmallCapPower

A cobalt takeover agreement sparked a Canadian battery metals stock Tuesday. Here’s some small stocks making big moves on Tuesday, June 18, 2019 (as of 4 pm EST):

Cobalt 27 Capital Corp. (TSXV:KBLT), a battery metals stock, surged 18% to $4.08 on Tuesday after announcing that it has agreed to be acquired by Pala Investments Limited in a stock-and-cash transaction valued at C$5.75 per common share, or a total consideration of approximately C$501 million. The stock to be received will be in a newly-listed company to be named Nickel 28 Capital Corp.

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As well, shares of EastWest Bioscience Inc. (TSXV:EAST) gained 17% to $0.07 as the hemp and CBD company said it has signed a distributor agreement with New Zealand Hemp Brokers, a wholesaler and New Zealand’s only specialist Hemp Broker with reach into important key markets in New Zealand, Australia, and Asia. EastWest will begin shipping Earth’s Menu, Natural Pet Science, Chanvre Hemp and Natural Advancement products within the next two months with plans to ship CBD products from the United States.

Fortress Global Enterprises Inc. (TSX:FGE), meanwhile, reported that it has been granted a multi-year moratorium on upcoming principal and interest payments by Investissement Québec under IQ’s outstanding loan. Fortress Global Enterprises stock moved up 16% to $0.44 following the announcement.

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Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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