VANCOUVER, British Columbia, Oct. 13, 2022 (GLOBE NEWSWIRE) — International Cobalt Corp. CO (the “company” or “International Cobalt“) announces that following the news release dated December 13, 2021, the Company has terminated the business combination agreement with General Magnesium Corporation by mutual consent of all parties. Upon the announcement of the termination, the Company is expected to resume trading on the Canadian Securities Exchange (“CSE”) on October 14, 2022.

The Company also announces that due to continued weak market conditions, it will seek a voluntary delisting (the “Delisting”) of its common stock from the CSE, which would be in the best interests of its shareholders and the Company in order to preserve its ongoing business and capital. The company has determined that it must consider any actions needed to sustain its business, including evaluating cost-cutting opportunities, to maintain its working capital position. The cost of remaining a listed issuer is another factor the Board of Directors considered in deciding that the best course of action for the company would be to delist. Despite the delisting, the Company remains subject to ongoing disclosure and other reporting issuer obligations under applicable securities laws in Canada. The Company must obtain the consent of its disaffected shareholders in order to consent to the delisting of its common stock from the CSE. In seeking such impartial shareholder approval, the Company excludes all votes associated with the common stock held by the Company’s directors, officers and insiders who own common stock, totaling 857,225 common shares.

The Extraordinary General Meeting, at which the approval of the disinterested shareholders will be requested, is scheduled for November 22, 2022. Further details of the meeting can be found in the Company’s management information circular posted on their profile at http://www.sedar.com.