LOS ANGELES, March 23, 2021 (GLOBE NEWSWIRE) -- Century Cobalt (OTC: CCOB), further to its announcement made on March 17, 2021, announced today that it has signed an MOU and entered into discussions with UK-based Technology Minerals Limited (“Technology Minerals”) for Technology Minerals to acquire the Company’s entire interest (“the assets”) in the Emperium Cobalt Project, (the “Project”), based in the Idaho Cobalt Belt.
Technology Minerals is comprised of mining assets and a major recycling group, laying the foundations for the UK’s first meaningful green circular economy in the battery industry and is currently in the process of becoming a UK-listed Company on the on the Standard List of the London Stock Exchange, by way of a Reverse Take Over.
Technology Minerals will extract the raw materials required for Li-ion Battery cathodes and then help solve the ecological issue of spent Li-ion batteries by recycling them for reuse by battery manufacturers.
To date, Century Cobalt has focused on exploring and developing its large Emperium Cobalt Project to take advantage of the growing demand for secure, domestic cobalt supplies, but the Directors believe that a sale of its assets to Technology Minerals represents an attractive and quicker route to monetize the Project.
If the negotiations are successful and the sale of the Project is completed, the Company will change its strategic direction and focus on the recently announced medicinal cannabis licence opportunity in partnership with its UK listed partner, Block Commodities Limited.
The Directors of the Company accept responsibility for the content of this announcement.
About Century Cobalt
Century Cobalt Corp., originally created to focus on identifying, assessing and developing high-potential, economic, early-stage cobalt production opportunities in North America, is now a partner in a medicinal cannabis licence opportunity. The Company recently announced that, together with Block Commodities Limited (Aruis Stock Exchange: BLCC.PL), it entered into an option agreement to acquire 70 percent interest in a Medicinal Cannabis licence granted to Magnus Cannabis Group (Private) Limited by the government of Zimbabwe. For more information please visit: www.centurycobalt.com or the Century Cobalt YouTube Channel: www.youtube.com/channel/UC4sX-phkxTfnuEcSCs9y9GA
This news release may contain forward-looking statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for the Company's products, as well as additional risks and uncertainties that are identified and described in the Company's SEC reports. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
For further information, please contact:
Century Cobalt Corp.
10100 Santa Monica Boulevard,
Century City, Los Angeles
California, CA 90067