Cruz Cobalt Corp. [CUZ-TSXV, BKTPF-OTC, A2DMG8-Frankfurt] said Monday it plans to change its name to Cruz Battery Metals Corp., a move that is expected to take effect at the opening of trading on August 9, 2021. The company’s stock symbol will remain unchanged.
“We are pleased to change our name to one that better reflects the composition of the company’s portfolio of projects,’’ said Cruz President Jim Nelson.
Cruz currently has 13 properties located throughout North America, consisting of five in Ontario, four in British Columbia, two in Idaho and two in Nevada.
Cruz is one of the largest landholders in the historic silver-cobalt producing region of Cobalt, Ontario, with five separate projects in the camp. Those projects are in the vicinity of First Cobalt Corp’s (FCC-TSXV, FTSSF-OTCQB, FCC-ASX) Ontario cobalt refinery.
In December, 2020, the government of Canada and the government of Ontario announced a joint $10 million investment in the First Cobalt refinery to help accelerate commissioning and expansion.
“Cruz Battery Metals Corp will be focused on acquiring and developing high-quality battery metals projects in politically stable, environmentally responsible and ethical mining jurisdictions, essential for the rapidly growing rechargeable battery and renewable energy sectors,’’ Nelson said.
“We strongly believe that battery metals will continue to garner significant market attention as the demand for lithium-ion batteries continues to increase along with the explosive growth of the electric vehicle industry,” he said.
Nelson went on to say that Cruz currently has $1.3 million in cash on hand and is eagerly awaiting the results of a recently completed drill program on its Hector silver-cobalt project located in the Cobalt, Ont., region.
“In addition, we are currently formulating a drill plan for the newly acquired and drill-ready solar lithium project in Nevada,” he said.
Cruz shares were unchanged at $0.095. The shares currently trade in a 52-week range of 17.5 cents and $0.04.
The company has previously said its main goal was to make Cruz the foremost cobalt project generator and developer on the TSX Venture Exchange. It has taken the view that cobalt is at the early stages of a significant bull market and wants to position Cruz at the forefront of this cycle.
Cobalt and lithium are often referred to as energy metals. They are the primary constituents, along with graphite, of lithium-ion batteries, one of the fastest growing segments of the battery market.
Cruz recently completed a three-hole exploration drilling program at its Hector silver-cobalt project in the Cobalt, Ontario region. It said the holes were drilled to a depth of 820 metres within the Hector property.
Due to the COVID-19 pandemic, the company said the drill results are expected within six go 12 weeks.