Scheme booklet, page-4

In a nutshell:

First Cobalt (TCC.TSX) is offering 0.145 shares (or CDIs) for every CO1 share. Current FCC shareprice is 0.72 CAD (CAD and AUD are basically equal). Given the general massaging of the shareprice (CO1's shareprice is currently being managed), we're getting a little less (probably 1 cent/share or 10%) than we should but if you're buying in now you're getting a good deal. That's the main disadvantage (hence why scheme not fair but reasonable according to independent expert).

On the plus side:
- The combined entity would have over 100 sq kms of exploration land around Cobalt, Ontario.
- I think explorers are generally more valued on the TSX.
- We're keeping CO1's current management team on the board and I'm pretty happy with the so far.
- Stronger balance sheet and it should be easier to raise capital if we need it.
- Can move to prove/commercialise this faster.

Though I would've like the offer ratio to be a little better, I think the merger is likely to add value and will be voting yes.

DYOR. I suggest reading pages 181 to 253 if nothing else. There are some really long and detailed technical reports you should read if you have a significant amount invested.