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Transition Metals has entered into a reverse-take over agreement with Edison Cobalt Corp

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Transition Metals Corp announced that its 30% owned subsidiary, Sudbury Platinum Corporation, has entered into a reverse-take over agreement with Edison Cobalt Corp.

Additional Information:

Company: Transition Metals Corp
Website: http://www.TransitionMetalsCorp.com
Stock Symbol: TSXV: XTM
Date Published: Dec 12, 2019
Transcript: Available

Video Transcript:

I’m Nadika Viswakula for Investmentpitch Media

Transition Metals Corp announced that its 30% owned subsidiary, Sudbury Platinum Corporation, has entered into a reverse-take over agreement with Edison Cobalt Corp.

Edison Cobalt Corp is a Canadian-based junior mining exploration company focused on the procurement, exploration and development of cobalt, lithium and other energy metals.

The resulting issuer will be renamed SPC Metals Corp.

It is anticipated that existing shareholders of SPC Metals will hold approximately 77% of the Resulting Issuer with Transition owning the balance of 23%, prior to completion of a planned financing, targeted for $3.5 million.

Following the planned financing, Transition's ownership will be approximately 19.7%.

Completion of this transaction is subject to a number of conditions.

Sudbury Platinum Corporation, a Canadian private corporation, has a proven track record of success focused on exploring for Nickel within well-established North American mining camps.

The company has spent approximately $10 million on exploration to date and is currently exploring its key 100% owned exploration projects Aer-Kidd and Lockerby East both located in the heart of the historic Sudbury Mining Camp, a camp closely controlled by Vale, KGHM and Glencore.

The Resulting Issuer will initially focus on advancing it key Sudbury Camp assets with a vision of growing to a pre-eminent North American Nickel exploration company.

Canadian-based Transition Metals is a multi-commodity project generator.

Joint venture partners earn an interest in the projects by funding a portion of higher-risk drilling and exploration, allowing Transition to conserve capital and minimize shareholder's equity dilution.

Its award-winning team of geoscientists has extensive exploration experience and actively develops and tests new ideas for discovering mineralization in places that others have not looked, often allowing the company to acquire properties inexpensively.

The company currently has more than 25 projects in its portfolio.

Scott McLean, President and CEO, stated: "As part of our Project Generator business model, Sudbury Platinum was spun out of the Company to build a Sudbury Mining Camp focused company while mitigating the risk of early stage exploration to our shareholders. SPC has since raised over $10M to advance its Sudbury assets and we are now pleased to realize potential value back to the Company through this transaction and the expanded vision of SPC Metals.”

Transition Metals’ shares are trading at $0.15.

For more information please visit the company’s website www.TransitionMetalsCorp.com, contact Scott McLean, President and CEO, at 705-669-1777 or email info@TransitionMetalsCorp.com.

I’m Nadika Viswakula for Investmentpitch Media