Cruz Capital Corp (CUZ—TSXv, BKTPF—USA, A2AG5M–Germany) is pleased to announce that Cruz has sold one of its cobalt assets for shares. Cruz, through its holdings in a Idaho Cobalt Company has sold its interest to Scientific Metals Corp for 2,000,000 shares of Scientific. This is the first transaction that Cruz has participated in to date. The transaction has already been approved and the shares have been issued to Cruz.
James Nelson, President of Cruz states, “We are very pleased to have sold one of our cobalt assets. This transaction will enable Cruz to create added capital to the company with no dilution to the shareholders. We are very bullish on the cobalt sector and are very optimistic regarding what Scientific will be able to accomplish on their property thus benefiting both companies’ shareholders.”
Cruz is also proposing a Forward Split subject to acceptance by the TSX Venture Exchange. The ratio being proposed will be 3-1. For example, this means that if you are a shareholder of record holding 10,000 shares, you would then hold 30,000 shares upon completion and approval of the split. Subject to such approval, the Company has set the close of business on November 7, 2016 as the record date for the Forward Split and November 9, 2016 as the effective date of the Forward Split. Management feels that this split will be a positive event for the company as this will enable greater liquidity for the shareholders, thus enabling a more transparent and consistent market.
Cruz is actively engaged in acquiring and developing high grade Cobalt assets in North America and has thus far acquired eight. Seven cobalt projects are in Canada and one in Idaho. The goal of the company is to make Cruz the foremost cobalt project generator and developer on the TSX Venture Exchange. Management feels that cobalt is at the early stages of a significant bull market and we are pleased to be positioning Cruz at the forefront of this cycle.
This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Cruz, such as statements that Cruz: (i) intends to undertake a forward split of its common shares; (ii) the record date for such split will be November 7, 2016; and (iii) the effective date of such split will be November 9, 2016. There are numerous risks and uncertainties that could cause actual results and Cruz’s plans and objectives to differ materially from those expressed in the forward-looking information, including the TSXV not approving the forward split or delays caused in obtaining such approval. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Cruz does not intend to update these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release