Cobalt Power (Asia) Ltd (‘CPA’) entered into a binding letter agreement to acquire Rhys Resources Ltd. (TSXV:RYS.H) (‘Rhys’) in a reverse merger transaction on June 28, 2017. CPA entered into a share exchange agreement to acquire Rhys on August 31, 2017. The transaction is structured as the acquisition by Rhys of acquire all of the issued and outstanding securities of CPA in exchange for the issuance of an aggregate of 11 million shares post-consolidation of Rhys, which is intended to result in the issuance of one common share of Rhys for each CPA share. Prior to the date of closing of the transaction, Rhys will consolidate its currently existing common shares on a four old for one new basis. Rhys Resources expects to change its name to ‘Pacific Rim Cobalt Corp.’ or such other name as the parties may determine. In connection with the transaction, Rhys will seek to delist its common shares from the TSX Venture Exchange (‘TSXV’) and list the common shares on the Canadian Securities Exchange (‘CSE’) such that on the closing date, the common shares of Rhys would be listed on the CSE. In a related transaction, Cobalt Power entered into a conditional sale and purchase agreement to acquire PT. Tablasufa Nickel Mining. Concurrent with completion of the transaction, Rhys Resources will complete a private placement generating aggregate gross proceeds of not less than CAD 2 million. In connection with the transaction, Rhys will advance to CPA a sum of CAD 25,000 as a non-refundable deposit, which deposit shall be used by CPA for the sole purpose of making required payments under the agreement. Closing of the transaction is subject to signing of a definitive agreement, approval by the shareholders of Rhys Resources, completion of the consolidation and the private placement transaction, receipt of all applicable regulatory approvals for the transaction including the approval of the CSE for the listing of the Rhys Resources common shares and of the TSXV for the delisting of the Rhys Resources common shares. On July 24, 2017, Rhys announced a non-brokered private placement of up to 11,428,571 units for gross proceeds of CAD 4 million in connection with the transaction. The transaction is expected to close in August 2017. Cobalt Power (Asia) Ltd (‘CPA') completed the acquisition of Rhys Resources Ltd. (TSXV:RYS.H) (‘Rhys’) in a reverse merger transaction on October 23, 2017. Concurrent with the transaction, Rhys Resources closed an oversubscribed $4.47 million equity offering. Upon completion of the transaction, Mark Vanry resigned as the President and Chief Executive Officer of the Rhys Resources and as a Director. Richard Barth also resigned as a director of the Rhys Resources. Ranjeet Sundher, Sean Bromley and Garry Clark have been appointed as new directors of the Pacific Rim Cobalt Corp. The Board is now comprised of Ranjeet Sundher, Sean Bromley, Garry Clark and Steve Vanry. Ranjeet Sundher has also been appointed as the President and Chief Executive Officer of the Pacific Rim Cobalt Corp. and Bev Funston has been appointed as the Corporate Secretary.