Sudbury Platinum Corporation entered into a non-binding letter of intent to acquire Edison Cobalt Corp. (TSXV:EDDY) in a reverse merger transaction on September 4, 2019. Sudbury Platinum Corporation entered into a definitive agreement to acquire Edison Cobalt Corp. (TSXV:EDDY) in a reverse merger transaction on November 18, 2019. Under the terms of the non-binding letter of intent, Edison Cobalt's shares will be consolidated on a 1 for 3.55 basis and the shareholders of Sudbury Platinum Corporation (SPC) will receive 1.32 Edison Cobalt's consolidated shares for each share of Sudbury Platinum Corporation held, through a planned share exchange. The ownership of Sudbury Platinum Corporation post financing to be undertaken by the resulting issuer will be 66% of the outstanding shares and Transition Metals Corp. (TSXV:XTM) which currently holds 30% stake or 15 million shares in Sudbury Platinum Corporation, will hold 19.8 million shares of the resulting issuer or 15% stake post financing. As per updated filing, It is anticipated that existing shareholders of SPC will hold approximately 77% of the resulting issuer prior to giving effect to a concurrent financing. This will result in Transition owning approximately 23% of resulting issuer through the conversion of its SPC shares to SPC Metals shares. Following a planned concurrent financing, Transition's ownership will be approximately 19.7%. Concurrently with the transaction, the resulting issuer intends to complete a brokered private placement of subscription receipts for gross proceeds of approximately CAD 3.5 million at an offering price of CAD 0.25 per subscription receipt. Each subscription receipt will, on the closing of the transaction, automatically convert in to 1 unit consisting of 1 common share and one half of one common share purchase warrant in the capital of the resulting issuer. Each whole warrant is exercisable into 1 common share in the resulting issuer at a price of CAD 0.40 for 24 months following issuance. Convertible securities of SPC and EDDY will be amended accordingly as a result of the EDDY consolidation and SPC and EDDY Amalgamation After completion of the proposed transaction the resulting issuer will be named SPC Metals Corp.

Upon completion of the proposed transaction, the Board of the resulting issuer is expected to comprise six individuals, which will include one member of the current Board of Edison, and five nominees of SPC. The nominees of SPC are expected to be Scott McLean, Alger St. Jean, Alistair Ross, William Shaver and Brian Montgomery. The management of the Resulting Issuer will consist of Scott McLean P.Geo as Chief Executive Officer, Grant Moure P.Geo. as President and Christopher Chadder, CA as Chief Financial Officer. The transaction is subject to the execution of a definitive agreement, satisfactory due diligence, approval of shareholders of Sudbury Platinum and Edison to the extent required, receipt of all required regulatory, corporate and third-party approvals, including the acceptance of the Exchange, and compliance with all applicable regulatory requirements and conditions in connection with the proposed transaction, the completion of the proposed private placement, Edison having a cash balance on closing of the proposed transaction of not less than approximately CAD 1 million less any transaction costs and Edison Cobalt completing share consolidation on the basis of 3.55:1. Osler, Hoskin & Harcourt LLP acted as legal advisor for Sudbury Platinum Corporation and Boughton Law Corporation acted as legal advisor for Edison Cobalt Corp.

Sudbury Platinum Corporation cancelled the acquisition of Edison Cobalt Corp. (TSXV:EDDY) in a reverse merger transaction on April 30, 2020. The previously announced brokered private placement with Gravitas Securities Inc., as co-lead agent with Red Cloud Securities Inc., will also not proceed. Since, the state of the capital markets have made financing of base metal stories difficult and as a result this transaction was not able to proceed and hence, terminated.