Global Cobalt Corporation (TSXV:GCO) agreed to spin off certain North American mineral exploration projects (SpinCo) on April 7, 2015. There will be no change to shareholders' existing interests. Global Cobalt shareholders will receive shares of SpinCo on 1:1 basis. Shareholder meeting is scheduled for June 11, 2015. Global Cobalt's current shareholders will receive shares of SpinCo by way of a share exchange, pursuant to which each existing share of Global Cobalt is exchanged for one share of Global Cobalt and one share of SpinCo. Warrant-holders of Global Cobalt will receive warrants of SpinCo, which are proportionate to, and reflective of the terms of, their existing warrants. Global Energy expects to issue to Global Cobalt 78.25 million shares. Global Cobalt intends to apply for a listing of the shares of SpinCo on the TSX Venture Exchange. Global Cobalt will maintain its listing on the TSXV and will change its name and trading symbol concurrent to the closing of the deal. As part of the Arrangement, Global Cobalt will effectively transfer 100% of the rights of the Werner Lake and Iron Creek projects to SpinCo.

As of April 20, 2015, Global Cobalt Corp and Imperial Mining Holding Ltd agreed to a lockup agreement, whereby Imperial Mining Holding and its affiliates have agreed to waive their rights to receive common shares, warrants and/or options in the distributed company. The name of the proposed SpinCo will be Global Energy Metals Corporation.

SpinCo will be managed by Global Cobalt's current team and a Board of Directors will be nominated at the shareholders' meeting. The current board of Global Cobalt will remain intact until the shareholders' meeting at which time a new board will be constituted. The strategic reorganization remains conditional on the approval of final documentation by the Board of Directors of Global Cobalt, approval of the strategic reorganization by the TSX Venture Exchange, approval of shareholders of Global Cobalt by the affirmative vote of 66.7%, and approval of the Supreme Court of British Columbia, among other things. Global Cobalt's Board of Directors unanimously approved the deal. The tentative record date for voting at the annual general special meeting will be June 10, 2015 and the date of annual general special meeting will be July 10, 2015. The record date for Global Cobalt shareholders to receive Global Energy Metals shares will be July 20, 2015. The Global Cobalt will, as a condition of closing the transaction, acquire a significant interest in a qualifying mineral property. The Board recommends that shareholders vote for the approval of the arrangement.

As on July 30, 2015, Global Cobalt announces binding plan of arrangement agreement to spin-out global Energy Metals Corporation. The transaction is expected to become effective, on or about September 2, 2015.

As on May 11, 2015, it was announced Global Cobalt Corp. closed the first tranche of its non-brokered private placement and as part of the plan of arrangement it has been proposed that shareholders of Global Cobalt at the time prior to the effective date will be eligible to receive equal securities in SpinCo. The effective date will be set at the conclusion of the transaction subsequent to the annual general special meeting. Shareholder meeting is scheduled on July 15, 2015 for holders of record of common shares of Global Cobalt. As of June June 2, 2015, it was announced that the new company will be named Global Energy Metals Corporation. Record date for voting at the Annual General Special Meeting will be June 10th, 2015 and record date for Global Cobalt shareholders to receive Global Energy Metals shares will be as of the effective date which is expected to be July 20th, 2015. The Annual General Special Meeting will be held on July 10th, 2015. On July 31, 2015 the Supreme Court of British Columbia granted an interim order authorizing and directing Global Cobalt to call, hold and conduct the Annual General and Special Meeting. The agreement will be considered and voted on by shareholders at the upcoming Meeting set for August 31, 2015.

As of August 31, 2015, the transaction was unanimously approved by shareholders of Global Cobalt. The transaction is also subject to certain regulatory approvals. The drop dead date for transaction has been amended, from September 30, 2015 to October 21, 2015. As of October 22, 2015, the drop dead date for transaction has been amended, from October 1, 2015 to November 4, 2015. The strategic reorganization remains subject to final approval of the Supreme Court of British Columbia and other customary conditions and regulatory approval, including but not limited to the approval of the TSX Venture Exchange.

Global Cobalt will be applying to the Supreme Court of British Columbia on November 24, 2015, for final approval of the transaction. Following court approval and the satisfaction or waiver of all other conditions, the transaction is expected to occur on or before November 30, 2015. Shareholders of Global Cobalt, other than Imperial Mining Holding Ltd., will receive the number of shares of Global Energy Metals that is equal to the number of shares they hold in Global Cobalt. Upon closing, Global Cobalt will continue to list on the TSX and hold the option on the Karakul Cobalt Project. Supreme Court of British Columbia has granted a final order for the transaction as on November 25, 2015. As on December 22, 2015, all the conditions have been satisfied. Erin Chutter, Raymond Castelli, Gaston Reymenants, Paul Sarjeant and Peter Reynolds will each resign as Directors or officers of Global Cobalt Corp.