On September 3, 2019, Cobalt 27 Capital Corp. announced that it provides an update in connection with the proposed acquisition of the Company by Pala Investments Limited by way of a plan of arrangement, pursuant to which Pala Investments will indirectly acquire all of the issued and outstanding shares of the Company, other than the approximately 19% that Pala Investments already owns, by way of statutory plan of arrangement. The Company stated that under the arrangement, shareholders of the Company would receive consideration of C$5.75 per common share, comprised of C$3.57 in cash plus shares of a newly listed company named Nickel 28 Capital Corp. with an implied value of C$2.18 per share. The Company added that its shareholders would be asked to approve the arrangement at the annual general and special meeting of shareholders scheduled to be held on September 12, 2019. The Company’s special committee and Board of Directors unanimously recommend that the shareholders vote in favor of the arrangement.