Scientific Metals Corp. announces that it has changed its name to US Cobalt Inc. Effective at the commencement of trading on May 25, 2017, the Company will begin trading on the TSX Venture Exchange under the new name and the new stock symbol "USCO".
Mr Wayne Tisdale, CEO of the Company reports:
"We are excited to announce the rebranding of the Company from Scientific Metals Corp. to US Cobalt Inc. This change highlights the corporate focus we've undertaken at our flagship Iron Creek cobalt project in Idaho, USA. We believe strongly that the demand for home-grown and ethically sourced cobalt will continue its meteoric rise.
Many people are not aware that the current exponential growth in demand for lithium-ion batteries directly correlates with the increased demand for cobalt. Cobalt is an essential component of the batteries that power everything from electric vehicles to consumer electronics.
Additionally, the cobalt supply chains of brands such as Apple, Tesla, GM and Microsoft are being closely scrutinized. In excess of 50% of the world's cobalt comes from the Democratic Republic of the Congo (the "DRC"). The DRC has a deplorable record when it comes to human rights and labour practices. The Company is well-positioned to provide a solution to this dilemma. There is no question that President Trump and his administration are strongly in favour of developing American solutions to issues such as this and we look forward to being part of that development.
We have recently closed a $1.7 million financing which allows us to continue our 2017 exploration program at Iron Creek. We would like to thank our shareholders for their commitment to our vision and look forward to providing regular updates as the exploration program progresses."
The name change does not affect the rights of the company's shareholders, and no further action is required by existing shareholders with respect to the name change.
