General Magnesium Corp. entered into a definitive business combination agreement to acquire International Cobalt Corp. (CNSX:CO) for CAD 27.3 million in a reverse merger transaction on August 10, 2021. Under the terms of agreement, shareholders of General Magnesium will receive 1.41744 common shares in the capital of International Cobalt in exchange for each outstanding common share of General Magnesium held by them, with International Cobalt expected to issue an aggregate of approximately 104,811,352 common shares of International Cobalt to the shareholders of General Magnesium. In connection with the transaction, General Magnesium will undertake the completion of a private placement for gross proceeds of up to CAD 4 million. The proceeds of the private placement will be used to fund the development of the Whitney Talc-Magnesite project and for general working capital purposes. On completion of the transaction, it is anticipated that former shareholders of General Magnesium will hold approximately 85% of the combined company and shareholders of International Cobalt will hold approximately 15% of the combined company. Upon completion of the transaction, the resulting company will continue to carry on the business of General Magnesium and the development of the Whitney Talc-Magnesite project. Trading in the common shares of International Cobalt will remain halted pending review of the transaction by the CSE. The board and management of International Cobalt will be reconstituted on close of the transaction and is expected to be comprised of the following: Tom Griffis as Chairman, Michael Nikiforuk as President, Chief Executive Officer and Director, Winfield Ding as Chief Financial Officer, Eugene Beukman, Ryan Quesnel and Maciej Lis as Directors. The transaction is subject to regulatory approval, consummation of private placement and approval by shareholders of International Cobalt and General Magnesium. As of December 13, 2021, International Cobalt is advancing its due diligence investigations and anticipates that it will be in a position to file materials with the CSE and to call a special meeting to obtain approval shareholder approval of the transaction in early 2022. Laurentian Bank Securities, Inc. acted as financial advisor to both General Magnesium Corp. and International Cobalt Corp.