On August 28, 2019, Cobalt 27 Capital announced that Institutional Shareholder Services Inc. has recommended the Company’s shareholders to vote for the plan of arrangement between the Company and Pala Investments Limited. The Company stated that under the arrangement, Pala would acquire 100% of the Company's issued and outstanding common shares for C$5.75 per common share, comprised of C$3.57 in cash plus one share of a newly listed company, Nickel 28 Capital Corp. with an implied value of C$2.18. In addition, the Company’s special committee and Board of Directors reiterated the recommendation to vote for the arrangement at the annual general and special meeting of shareholders to be held on September 12, 2019.