Cruz Capital Corp (CUZ—TSXv, BKTPF—USA, A2AG5M–Germany) is pleased to announce that Cruz has acquired the Idaho Star Cobalt Prospect in Idaho, USA. This prospect is located approximately 9 miles southwest of Saltese, Montana, and 19 miles southeast of Wallace, Idaho. This new prospect consists of 44 contiguous claims within the Idaho Cobalt Belt.
James Nelson, President of Cruz states, “We are very pleased to acquire the Idaho Star Cobalt Prospect, strengthening our presence in the prolific Idaho Cobalt Belt. Geological data was gathered showing this prospect area to have been active for mining of cobalt, silver and copper in the past, which was the reason for the immediate acquisition. Recently, we were able to sell a different Idaho Cobalt asset in exchange for shares in the acquiring company. This sale enables Cruz to create added capital to the company with no dilution to the shareholders, thus following through on our goal of being North America’s foremost cobalt project generator and developer. We are very bullish on the cobalt sector as the dynamics for the upward trend in cobalt prices appear to be building momentum. We believe that with the recent negatively focused articles, highlighting the unsafe cobalt mining practices in Africa using children, will cause a larger demand for cobalt mined in politically stable and ethical countries. We feel that Cruz is poised to take full advantage of this future trend and look forward to commencing operations on multiple projects as we are fully financed for the next phase of work.”
Cruz is also proposing a Forward Split subject to acceptance by the TSX Venture Exchange. The ratio being proposed will be 3:1. For example, this means that if you are shareholder of record of 10,000 shares you would then hold 30,000 shares upon completion and approval of the split. Subject to such approval, the Company has set the close of business on November 7, 2016 as the record date for the Forward Split and November 9, 2016 as the effective date of the Forward Split. Management feels that this split will be a positive event for the company as this will create greater liquidity for the shareholders, thus enabling a more transparent and consistent market.
Cruz is actively engaged in acquiring and developing high grade Cobalt assets globally. Cruz has acquired numerous high-grade cobalt assets located in North America. Seven cobalt projects are in Canada and one in Idaho. The goal of the company is to make Cruz the foremost cobalt project generator and developer on the TSX Venture Exchange. Management feels that cobalt is at the early stages of a significant bull market and we are pleased to be positioning Cruz at the forefront of this cycle. This new property was acquired via staking.