International Cobalt, Canadian Business Journal Provides Update on Previously Announced Business Integration Agreement with General Magnesium Corporation

VANCOUVER, British Columbia, October 13, 2022 (GLOBE NEWSWIRE) — International Cobalt Corp. (CSE:CO) (“Company” Also “international cobalt), in addition to a news release dated December 13, 2021, announces that it has terminated its business combination agreement with General Magnesium Corporation by mutual consent of all parties. Following notice of the termination, the Company expects him to resume trading on the Canadian Stock Exchange (“CSE”) on October 14, 2022.

The Company also announces that it is requesting the voluntary delisting of its common stock from the CSE (the “Delisting”) due to prolonged market downturns. Current business and capital. We have determined that it is necessary to consider all necessary measures to maintain our business. This includes assessing cost reduction opportunities to maintain our working capital position. The cost of remaining a publicly traded issuer is another factor the board considered in deciding that delisting was the best course of action for the company. Notwithstanding the delisting, the Company remains subject to ongoing disclosure and other obligations as a reporting issuer under applicable Canadian securities laws. We are required to obtain the approval of our disinterested shareholders in order to authorize the delisting of our common stock from the CSE. In seeking such disinterested shareholder approval, the Company will require all common shares attached to the shares of common stock (857,225 shares in total) held by its directors, officers and insiders who own shares of common stock. Voting rights shall be excluded.

A special shareholders meeting to seek approval from disinterested shareholders is scheduled for November 22, 2022. For more information on the conference, please refer to the Company’s Corporate Circular posted in profile at http://www.sedar.com.

About International Cobalt Corporation

International Cobalt is a Canadian-based mineral exploration and development company focused on the fast-growing battery metals sector. The company seeks to increase shareholder value by sourcing and developing projects in safe and progressive jurisdictions that adhere to strict environmental and social standards.

on behalf of:

INTERNATIONAL COBALT CORP.

“Eugene Beckman”

Eugene Beukman, Director
604-687-2038

CSE has not acknowledged the merits of the transaction or related transactions in any way and has not endorsed or disapproved of the contents of this news release. CSE has not verified and is not responsible for the adequacy or accuracy of this news release.

Forward-Looking Information

Certain information contained herein constitutes “forward-looking information” under the Securities Act of Canada. Forward-looking information includes, but is not limited to, statements regarding this transaction, its completion and use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terms such as “will” or variations of words or phrases or statements that “will occur” that a particular action, event or outcome will occur. increase. Forward-looking statements are based on management’s opinions and assumptions at the time the statements are made and are subject to known and unknown risks, uncertainties and actual results, either expressed or implied. are subject to other factors that can vary significantly. Any such forward-looking statements or forward-looking information include receipt of all necessary regulatory and shareholder approvals. The Company’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements or forward-looking information. , or there may be other factors that cause it to differ from that intended. There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected by such statements. You should not place undue reliance on forward-looking statements and forward-looking information. We do not update any forward-looking statements or forward-looking information incorporated herein by reference, except as required by applicable securities laws.

Readers are cautioned that the above list of risks, uncertainties and other factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof, and we undertake no obligation to publicly update or revise any forward-looking statements. Hmm. Information contained in this news release or other documents filed with Canadian securities regulators, whether as a result of new information, future events or otherwise, is subject to applicable securities laws. Notwithstanding. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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