Global Cobalt Corp. announced that all of the conditions precedent to the completion of the arrangement transaction amongst the Company, Global Energy Metals Corporation and Imperial Mining Holding Limited have now been satisfied or waived and the parties are preparing to complete the transactions contemplated by the July 27, 2015 Arrangement Agreement. Erin Chutter, Raymond Castelli, Gaston Reymenants, Paul Sarjeant and Peter Reynolds will each resign as directors or, if applicable, as directors and officers of the Company; and Alexander Ordanian, Stanley Swartz and Andrey Melnikov will continue as directors of the Company.

Effective immediately, Julian Lowenfeld and Maximiliano Barrientos have resigned as directors and Mr. Barrientos will no longer assume the role of Chief Financial Officer. Erin Chutter will remain as Chief Executive Officer and Oleg Scherbina as Chief Financial Officer for the Company for the interim until a meeting of the remaining directors is held to appoint a new Chief Executive Officer and Chief Financial Officer for the Company.