Announcement • Jun 14
Cblt Inc. Announces Results from Falcon Gold CBLT Inc. report results from a mechanized stripping program completed on the Falcon Gold Property (the "Property") in the fall of 2024. The Property, contiguous to CBLT's Copper Prince Property, is located on patented mining claims in Sudbury, Ontario. The Falcon Gold Property was recently purchased from Kinross Gold Corp. The Property hosts the past producing Falcon Gold Mine. Gold mineralization on the Property was initially discovered in 1890. During the same year, a shaft was sunk to a depth of 46 ft followed by 59 ft of crosscutting. In 1935, the shaft was dewatered and deepened to 215 ft with levels established at 100 and 200 ft. No records are known to exist regarding production from
the Falcon Gold Mine. In 1947, Falconbridge Ltd. acquired the Property and completed several phases of exploration on the Property. In 1988, Falconbridge completed a 24-hole, 14,951 ft drill program and calculated resources at 59,400 tons grading 0.226 oz/ton (Bailey, 1994). (The mineral resource estimate is a historical estimate as defined by National Instrument 43-101. The historical resource estimate contains categories that are not consistent with current CIM definitions. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. No attempt was made to reconcile the historical resource estimate. CBLT is not treating the historical resource estimate as a current mineral resource or mineral reserve). In May 2024, CBLT completed a reconnaissance prospecting program. A total of 23 grab samples were collected from outcrop and loose material near the historical Falcon Gold Mine Site. Results ranged from <0.005 to 25.70 g/t Au, with 7 samples of the 23 grab samples returning >2 g/t Au. In October, 2024, CBLT completed a mechanized stripping program at the Falcon Gold Mine Site to expose the underlying geology. An area of 344 m2 was mechanically stripped, washed, mapped, and channel sampled. A total of 29 channel samples were collected and submitted for analysis. Channel samples were cut at 1.00 m lengths and five channels were cut. Composite averages ranged from 2.11 g/t Au over 3.00 m to 3.52 g/t Au over 6.00 m, with a high of 8.90 g/t Au over 1.00 m. As previously reported, gold mineralization is associated within a pyrite-rich carbonate-actinolite-chlorite-talc shear zone which strikes approximately 110° and dips 65° to 70° to the southwest, and cross cuts underlying Paleoproterozoic sedimentary rocks of the Bruce, Espanola, and Serpent Formations of the Quirk Lake Group, and the Mississagi Formation of the Hough Lake Group, belonging to the Huronian Supergroup. The stripping program exposed a large outcropping of Sudbury Breccia immediately south of the mineralized zone. Channel samples were cut using a diamond blade saw, inserted into labeled bags, and delivered by representatives of CBLT to Activation Laboratories Ltd. in North Bay, Ontario. Activation Laboratories Ltd. is an ISO 17025:2005 accredited testing laboratory. Samples were analyzed by fire assay using the 1A2 package with a gravimetric finish (1A3 package) for samples that returned greater than 5,000 ppb Au. Multi-element analysis was completed by near-total digestion (four-acid) with an ICP-OES finish (1F2 package). CBLT inserts standards and blanks and performs duplicate analysis as part of its QA/QC program. Activation Laboratories also performs an internal QA/QC program which includes the insertion of CRM's, blanks, sample repeats, and duplicate samples. Board Change • May 09
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Ed Stringer was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 23
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Ed Stringer was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 16
New major risk - Revenue and earnings growth Earnings have declined by 5.4% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$241k free cash flow). Shares are highly illiquid. Negative equity (-CA$240k). Earnings have declined by 5.4% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$1.16m market cap, or US$830.7k). Announcement • Apr 15
CBLT Inc., Annual General Meeting, Jun 17, 2025 CBLT Inc., Annual General Meeting, Jun 17, 2025. Board Change • Apr 09
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Ed Stringer was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Ed Stringer was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Ed Stringer was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Ed Stringer was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$334k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$334k free cash flow). Shares are highly illiquid. Negative equity (-CA$100k). Revenue is less than US$1m. Market cap is less than US$10m (CA$1.54m market cap, or US$1.11m). Announcement • Oct 18
CBLT Inc. Commences Phase 2 at Past Producer Falcon CBLT Inc. announced the commencement of a Phase 2 work program on the Falcon Gold Property (the "Property"). The Property is situated on 100% owned patented mining claims located in Sudbury, Ontario, and hosts the past producing Falcon Gold Mine. The Property is contiguous to CBLT's Copper Prince Property. CBLT is also advancing its mergers and acquisitions mandate in communicating with potential partners concerning CBLT's other Canadian assets. The Phase 2 program at the Property includes a mechanized stripping program to follow up on previously reported grab samples collected earlier this field season with gold values that ranged from <0.005 g/t to 25.7 g/t. The program, which recently commenced, will allow for a better understanding of the geological controls at the Property. Assay results from samples taken from the Property in Phase 1 were announced in July, 2024, the highest of which was 25.7 Au g/t. Phase 2 consists of locating and stripping historical features such as trenches and the dump to allow for further sampling and mapping. Historically, prior to CBLT's ownership of the Property, gold mineralization was initially discovered in 1890. During the same year, a shaft was sunk to a depth of 46 ft followed by 59 ft of crosscutting. In 1935, the shaft was dewatered and deepened to 215 ft with levels established at 100 and 200 ft. No records are known to exist regarding production from the Falcon Gold Mine. Falconbridge Ltd. acquired the Property in 1947 and completed several phases of exploration. In 1988, Falconbridge completed a 24-hole, 14,951 ft drill program and calculated resources at 59,400 tons grading 0.226 oz/ton (Bailey, 1994). (The mineral resource estimate is a historical estimate as defined by National Instrument 43-101. The historical resource estimate contains categories that are not consistent with current CIM definitions. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. No attempt was made to reconcile the historical resource estimate. CBLT is not treating the historical resource estimate as a current mineral resource or mineral reserve.). Board Change • Feb 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Director Ed Stringer was the last independent director to join the board, commencing their role in 2011. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 02
CBLT Inc. announced that it has received CAD 0.025 million in funding CBLT Inc. announced a private placement that it has issued 500,000 units at a price of CAD 0.05 per unit for the gross proceeds of CAD 25,000 on February 1, 2024. Each Unit consists of one common share and one common share purchase warrant with a strike price of CAD 0.06 and a term of two years, and is subject to a hold period of four months and a day. No finders fees were paid and no insider participated on this transaction. Announcement • Dec 29
CBLT Inc. has filed a Follow-on Equity Offering. CBLT Inc. has filed a Follow-on Equity Offering.
Security Name: Unit
Security Type: Equity/Derivative Unit
Securities Offered: 500,000
Price\Range: $0.05 New Risk • Sep 22
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$185k This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-CA$185k). Revenue is less than US$1m. Market cap is less than US$10m (CA$2.29m market cap, or US$1.70m). Announcement • Aug 23
An arm’s length international mining company acquired non-core Ryliejack asset in northern British Columbia from CBLT Inc. (TSXV:CBLT) for CAD 0.18 million. An arm’s length international mining company acquired non-core Ryliejack asset in northern British Columbia from CBLT Inc. (TSXV:CBLT) for CAD 0.18 million on August 22, 2023. The consideration was paid in cash. No regulatory approval was required.
An arm’s length international mining company completed the acquisition of non-core Ryliejack asset in northern British Columbia from CBLT Inc. (TSXV:CBLT) on August 22, 2023. Announcement • Aug 05
CBLT Inc. Announces the Resignation of Jessica Daniel from the Board CBLT Inc. announced the resignation of Jessica Daniel, P.Geo, from its board. Ms. Daniel has been a director since 2018, and is resigning to pursue another venture. Announcement • Jun 07
CBLT Inc. (TSXV:CBLT) acquired Falcon Gold Property from Falcon Gold Corp. (TSXV:FG). CBLT Inc. (TSXV:CBLT) acquired Falcon Gold Property from Falcon Gold Corp. (TSXV:FG) on June 5, 2023.CBLT Inc. (TSXV:CBLT) acquired Falcon Gold Property from Falcon Gold Corp. (TSXV:FG) on June 5, 2023. Board Change • Jun 07
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Director Jessica Daniel was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Feb 14
CBLT Inc. Announces Assay Results from Samples Taken at Shatford Lake in October, 2022 CBLT Inc. announced the assay results from samples taken at Shatford Lake in October, 2022. Pegmatite occurrences thus far sampled in CBLT's claims contain anomalous tin, tantalum, and rubidium with local anomalous lithium. CBLT is highly encouraged by these multi-element anomalies, which management believes to be indicative of a LCT-type pegmatite. Shatford Lake and the general pegmatite area are located in the Bird River Pegmatite Field in Manitoba, three kilometers south-southwest of the Tanco Mine. CBLT recognizes the significance and importance of Sagkeeng First Nation's Traditional Land Rights in the area, and openly welcomes continued engagement with the Sagkeeng Chief and Council. CBLT has collaborated with the Province of Manitoba's Agriculture and Resource Development and the University of Manitoba to coordinate other geoscientific assistance, with assistance procured from a Ph.D. level program graduate. The purpose of the 2022 exploration program was to obtain modern-day assay analyses of the pegmatites and to ground proof the pegmatite locations using prospecting and geological techniques specialized for discovering potential lithium-cesium-tantalum bearing pegmatites (LCT Pegmatites). Given the proximity to the Tanco Mine and other LCT occurrences in the region, management believes there is a reasonable potential of a significant LCT occurrence in the Shatford Lake project area. If enough LCT potential is discovered, a shallow drilling program may be generated. The sampling program was last conducted October 10, 2022 with twelve samples collected from a single large exposed shoreline outcrop located less than 100 meters west of an anomalous area sampled in August, 2022. This outcrop was targeted for higher density sampling as it is visibly on strike with the shoreline pegmatite sampled previously in August, 2022. An east-west striking pegmatite in the outcrop on the southeast shore of Shatford Lake was prospected, mapped and sampled. This pegmatite is open to the east and west of the sampled locations. The pegmatite is a minimum 30 meters wide from the shoreline to its exposed southern contact. The northern geological contact likely occurs somewhere underneath the lake. The current estimated length of the evolved pegmatite is approximately 200 meters from inferred outcrop to outcrop connection. Arial reconnaissance indicates the evolved pegmatite may continue in strike an additional 150 meters to the southwest along the shoreline. The pegmatite contains cassiterite, beryl, and trace columbite mineralization, as well as spectacular mica series mineralization from black biotite to phlogopite, chrome mica to spectacular muscovite series. Columbite mineralization is a key mineral containing significant elemental niobium and tantalum. With its relatively evolved chemical series, structural emplacement, and proximity to the Tanco Mine, the pegmatite at the southeast end of Shatford Lake warrants further exploration for potential LCT series on CBLT's claims. The proximity to the Tanco Mine is important to CBLT. The Tanco Mine hosts an LCT-type pegmatite, producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have been identified in it. It was reported by The Northern Miner in April, 2022 that lithium production had resumed at the Tanco. The Northern Miner is a credible source of mining-related news; however, as the Tanco owner is a Chinese company, there is limited reliable public information available. It was estimated in 1991 that Tanco had lithium reserves of 7.3 million tonnes at 2.76% Li2O. This is a historical third-party estimate and CBLT has no information as to the methodology used to calculate this estimate or whether it was carried out under the supervision of a Qualified Person, as that term is defined in NI43-101. Readers are cautioned not to rely upon this estimate. Samples were analyzed by AGAT Labs in Mississauga, Ontario, an independent accredited lab, by sodium peroxide fusion with an ICP-OES finish. Announcement • Oct 28
CBLT Inc. Receives the First Assay Results from Its Sampling and Mapping Program At Shatford Lake, in the Bird River Pegmatite Field in Southeast Manitoba CBLT Inc. has received the first assay results from its sampling and mapping program at Shatford Lake, in the Bird River Pegmatite Field in southeast Manitoba. Shatford Lake's close proximity to the Tanco Mine and CBLT's assay results from November 30, 2021 called for further exploration at Shatford. CBLT recognizes the significance and importance of Sagkeeng First Nation's Traditional Land Rights in the area, and welcomes continued communication with the Sagkeeng Chief, Council and community for continued guidance. The Tanco Mine is five kilometres from Shatford Lake. It is an LCT-type pegmatite, producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have been identified in it. The Main Pegmatite from which these samples were taken contains megacrystic feldspar-quartz- biotite with cassiterite, beryl, and trace columbite mineralization. It is at least 30 meters wide atone location on the shore (the pink line in the picture above). Contacts illustrate sub-vertical to flatter (-35 degree) dip to the north, indicating a minimal inferred strike length of approximately 100 meters. The Main Pegmatite is open to the east and west of the sampled locations. Variousother narrower pegmatite veins proximal to the main large beryl mineralized pegmatite were also sampled. Another round of samples were taken from outcrop near the Main Pegmatite and the Main Pegmatite itself. These samples are being prepared for shipment to an accredited analyticallaboratory for comprehensive geochemical analyses for LCT mineralization. Announcement • Aug 18
CBLT Inc. Announces Completion of the Latest Phase of Its Exploration At Shatford Lake CBLT Inc. announced completion of the latest phase of its exploration at Shatford Lake. Shatford Lake is located in the Bird River Pegmatite Field, Manitoba, roughly 3 kilometres from the Tanco Mine. Shatford Lake's close proximity to the Tanco Mine and CBLT's assay results dated November 30, 2021 called for further exploration at Shatford. The Tanco Mine is an LCT-type pegmatite, producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have been identified in it. It was reported by The Northern Miner in April, 2022 that lithium production has resumed at the Tanco. The Northern Miner is a credible source of mining-related news; however, as the Tanco owner is a Chinese company, there is limited reliable public information available. It was estimated in 1991 that Tanco had lithium reserves of 7.3 million tonnes at 2.76% Li2O. This is a historical third-party estimate and CBLT has no information as to the methodology used to calculate this estimate or whether it was carried out under the supervision of a Qualified Person, as that term is defined in NI43-101. Readers are cautioned not to rely upon this estimate. CBLT references this to inform its knowledge of the area and to support its thesis for lithium exploration at Shatford Lake. CBLT Exploration in 2022 CBLT recognizes the significance and importance of Sagkeeng First Nation's Traditional Land Rights in the area, and openly welcomes continued correspondence with the Sagkeeng Chief and Council and community for continued guidance. From June to August 2022, CBLT carried out a mapping, sampling and prospecting program at its pegmatite fields located north of the Winnipeg River in Southeast Manitoba. The focus was on the area of Shatford Lake with known pegmatite occurrences. The most recent visit was conducted August 13, 2022. The eastern extent of CBLT's Softrock1 claim was accessed, with a safe helicopter landing accomplished in wetland located just southeast of Softrock1. Additional landing spots on Softrock1 were confirmed with the helicopter service. A promising pegmatite on the southeast shore of Shatford Lake was prospected, mapped and sampled. The Main Pegmatite contained beryl and trace columbite mineralization. Columbite mineralization is important as it is a key mineral containing significant elemental niobium and tantalum, and is a promising indicator of Lithium-Tantalum- Cesium pegmatite potential. The Main Pegmatite contains megacrystic feldspar-quartz-biotite zonation parallel to exposed contacts and is at least 6 meters wide at one location on the shore. These zoned features commonly occur in evolved LCT pegmatite mineralization. Contacts illustrate sub-vertical to flatter dip to the north, and has a minimal inferred strike length of approximately 100 meters. The Main Pegmatite is open to the east and west of the sampled locations. The samples are currently being prepared for shipment to an accredited analytical laboratory for comprehensive geochemical analyses for LCT mineralization. CBLT intends to carry out additional work at the Main Pegmatite in upcoming visits to properly delineate its fullest possible strike length in surface exposure. As well, CBLT intends in future visits to prospect, map and sample numerous affiliated pegmatites noted near the Main Pegmatite. Announcement • Apr 06
CBLT Inc. Early Field Program for Shatford Lake On November 29, 2021, CBLT Inc. reported the results from its first sampling program at Shatford Lake, Manitoba in the Bird River Pegmatite Field. Based in part on guidance from historical field notes and drill logs, CBLT's fieldteam located and sampled several pegmatite outcrops during the 2021 field season. A total of 14 samples were collected. Several samples were elevated in rubidium and some samples were also anomalousfor cesium and tantalum. This geochemistry indicates the pegmatites in the area are LCT type (lithium- caesium-tantallum) and are highly prospective for further lithium exploration. One sample, 14210, was inadvertently taken immediately adjacent to CBLT's Shatford Lake property. This sample returned 0.534% Li2O and 0.62% Rb2O. Though this sample was taken off CBLT's property it gives an indication of the presence of lithium-bearing LCT pegmatites in the area. The structure hosting this sample has been inferred to cross back onto CBLT's property, and will be followed and sampled in future exploration programs. All the above samples were from pegmatites on the western side of Shatford Lake near where a structure has been mapped by CBLT. The field program for 2022 has already begun with a more detailed review of historical Branch Files at Manitoba Mines. These files describe numerous pegmatites but only in the context of searching for cassiterite (a tin oxide mineral that globally is a major source of tin). It does not appear that anyone historically actively explored for lithium in the pegmatites. This CBLT will do. Announcement • Jun 04
CBLT Inc. Announces the Imminent Start of Its Summer Exploration Program At Shatford Lake, Manitoba CBLT Inc. announced the imminent start of its summer exploration program at Shatford Lake, Manitoba, which management believes to be highly prospective for lithium. Given its proximity to the Tanco Mine and its location in the Bird River Pegmatite Field, management also believes the property is prospective for tantalum, beryllium, cesium and rubidium. Shatford Lake is located in the Winnipeg River - Cat Lake pegmatite field in southeastern Manitoba near the Ontario border, roughly 130 kilometres from Winnipeg and five kilometres southwest of the Tanco Mine. To the best of CBLT's knowledge the property has not had any geologic exploration for pegmatites since 1968. Exploration for base metals was last carried out in 1986. Tanco is an LCT-type pegmatite, producing cesium and tantalum. Lithium, beryllium and rubidium have previously been produced. The Tanco pegmatite has dimensions of 820m by 1,600m and up to 100m thick, and over 100 minerals have been identified in it. It was estimated in 1991 that Tanco had lithium reserves of 7.3 million tonnes at 2.76% Li2O. This is a historical third party estimate and CBLT has no information as to the methodology used to calculate this estimate or whether it was carried out under the supervision of a Qualified Person, as that term is defined in NI43-101. Readers are cautioned not to rely upon this estimate. CBLT references this to inform its knowledge of the area and to support its thesis for exploration at Shatford Lake. The area has been previously explored for rare element pegmatites with historical mapping and drilling at Shatford Lake identifying multiple pegmatite dykes. Most of this work focused on the tantalum potential of the dykes and lithium was not analysed for. However, spodumene was noted in an assessment report and provincial geologists documented the presence of lithium-bearing mica. Other minerals identified in historical work include beryl and tantalite, which indicates the Shatford Lake pegmatites are likely LCT-type (lithium-cesium-tantalum). The pegmatites are intruded into metasediments and metavolcanics. Sulphide mineralisation has been noted by third parties in these host rocks. The pegmatites on the south shore of Shatford Lake have never been drill-tested. Announcement • Feb 18
CBLT Inc. announced that it expects to receive CAD 0.4 million in funding CBLT Inc. (TSXV:CBLT) announced a non-brokered private placement of a minimum of 1,000,000 flow-through units at an issue price of CAD 0.1 per unit for gross proceeds of CAD 100,000 and maximum of 4,000,000 units for gross proceeds of CAD 400,000 on February 16, 2021. Each unit will comprise of one flow-through share and one full CAD 0.15 warrant with a 24-month term, with each warrant being exercisable into a flow-through common share. The company may pay referral fees in the transaction. Announcement • Dec 26
CBLT Inc. announced that it expects to receive CAD 0.15 million in funding CBLT Inc. (TSXV:CBLT) announced a private placement of up to 833,333 flow-through units at an issue price of CAD 0.06 per unit for proceeds of CAD 50,000 and up to 1,250,000 hard dollar common units at an issue price of CAD 0.08 per unit for proceeds of up to CAD 100,000 for an aggregate gross proceeds of CAD 150,000 on December 24, 2020. Each flow-though unit consist of one flow-though common share and one warrant. Each warrant will entitle the holder to purchase one additional flow-through common share at an exercise price of CAD 0.09 per warrant share for a period of 24 months. Each hard dollar unit consist of one common share and one warrant. Each warrant will entitle the holder to purchase one additional flow-through common share at an exercise price of CAD 0.08 per warrant share for a period of 24 months. The transaction is subject to regulatory approval. Announcement • Nov 27
CBLT Inc. (TSXV:CBLT) entered into a letter of intent to acquire 70% stake in Werner Lake Copper-Cobalt-Gold Project from Global Energy Metals Corporation (TSXV:GEMC) for CAD 0.82 million. CBLT Inc. (TSXV:CBLT) entered into a letter of intent to acquire 70% stake in Werner Lake Copper-Cobalt-Gold Project from Global Energy Metals Corporation (TSXV:GEMC) for CAD 0.82 million on November 26, 2020. CBLT has agreed to pay a total of CAD 0.27 million of which CAD 0.02 million will be immediately paid as a nonrefundable deposit. The remainder will be satisfied on the closing by CBLT issuing 5 million of its shares plus 3.5 million common share purchase warrants each exercisable at CAD 0.08 with a two year term. There is no accelerator on these warrants. Additionally, a payment of CAD 0.5 million would be payable by CBLT to Global Energy Metals upon Werner Lake reaching commercial production. If CBLT disposes of all or part of Werner Lake in the 24 months following closing, 20% of the gross proceeds of such disposition would be payable to Global Energy Metals. Upon closing, Global Energy Metals will own approximately 11% of CBLT on a fully-diluted basis. The letter of intent terminates on December 19, 2020 unless extended by mutual agreement or a definitive agreement has been reached. Assuming a definitive agreement is reached, closing of such agreement would be conditional upon approval from the TSX Ventures Exchange and further due diligence by CBLT. CBLT does not believe shareholder approval will be needed. Announcement • Sep 28
CBLT Inc. Auditor Raises 'Going Concern' Doubt CBLT Inc. filed its Annual on Sep 25, 2020 for the period ending May 31, 2020. In this report its auditor, Wasserman Ramsay, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Announcement • Aug 20
Omni Commerce Corp. completed the acquisition of 56% interest in Northshore Gold Property from CBLT Inc. (TSXV:CBLT). Omni Commerce Corp. entered into a letter of intent to acquire 56% interest in Northshore Gold Property from CBLT Inc. (TSXV:CBLT) for CAD 1.5 million on April 24, 2020. Omni Commerce Corp. entered into a definitive mineral property purchase agreement to acquire 56% interest in Northshore Gold Property from CBLT Inc. on May 29, 2020. The total consideration payable to CBLT in respect of the transaction is CAD 1.45 million, consisting of: (i) cash consideration of CAD 0.35 million, of which CAD 0.05 million has already been paid by way of non-refundable cash deposits, and of which CAD 0.3 million is payable on closing; and (ii) stock consideration of CAD 1.1 million payable by the issuance of post-consolidation common shares in Omni’s capital on closing. All of the consideration shares will be subject to the terms of a voluntary escrow agreement, to be entered by the parties prior to closing, which terms include the release of 25% of the consideration shares from escrow on each of the days which is four, six, eight and 12 months after the closing. Omni will assume the role of operator of the JV on completion of the transaction.
Completion of the transaction remains subject to a number of conditions, including satisfactory due diligence, entry into a definitive agreement, Omni completing the financing to raise gross proceeds of not less than CAD 1.5 million through the private placement, Omni completing the consolidation on the basis of five pre-consolidation Omni Shares for one post consolidation Omni Share prior to closing, Omni obtaining the 2020 Technical Report on the property, Omni applying to list its common shares on a Canadian stock exchange, CBLT documenting sufficient and timely expenditures on the property to meet the listing requirements of the Canadian Securities Exchange, Omni being satisfied that CBLT has completed the necessary consultation with any applicable indigenous peoples with respect to any matters pertaining to the property, CBLT being in good standing in respect of its joint venture interest in the property, receipt of all requisite approvals, and other conditions customary for transactions of this nature. The parties intend to enter into a definitive agreement with respect to the transaction on or before May 8, 2020. As of May 11, 2020, the parties have agreed to extend the deadline for entry into a definitive agreement with CBLT Inc. with respect to the proposed acquisition to May 15, 2020. The deadline was extended to allow for the completion of due diligence. As of May 20, 2020, Omni have agreed to extend the deadline for entry into a definitive agreement with CBLT with respect to Omni’s acquisition of CBLT’s interest in the Property to May 29, 2020. The letter of intent includes a completion deadline of August 31, 2020.
Omni Commerce Corp. completed the acquisition of 56% interest in Northshore Gold Property from CBLT Inc. (TSXV:CBLT) on August 19, 2020.