June 18 (Reuters) - Cobalt 27 Capital Corp KBLT.V :
* PALA INVESTMENTS TO ACQUIRE COBALT 27 FOR C$501 MILLION; CREATION OF NICKEL 28
* PALA INVESTMENTS TO ACQUIRE COBALT 27 FOR C$501 MILLION; CREATION OF NICKEL 28
* COBALT 27 CAPITAL CORP - OFFER OF C$5.75 PER SHARE, COMPRISED OF C$3.57 IN CASH PLUS C$2.18 IN SHARES OF NEWLY ESTABLISHED NICKEL 28
* COBALT 27 CAPITAL CORP - NICKEL 28 WILL BE CREATED TO HOLD COBALT 27'S JOINT VENTURE INTEREST IN RAMU
* COBALT 27 CAPITAL CORP - NICKEL 28 WILL BE FUNDED WITH US$5 MILLION IN CASH AT INCEPTION WITH NO CORPORATE DEBT
* COBALT 27 CAPITAL CORP - PALA WILL RETAIN A 4.9% INTEREST IN NICKEL 28
* COBALT 27 CAPITAL CORP - CURRENT LEADERSHIP TEAM WILL CONTINUE AS BOARD AND MANAGEMENT OF NICKEL 28
* COBALT 27 CAPITAL CORP - CREATION OF NICKEL 28 IS ALSO ACCRETIVE TO SHAREHOLDER PRO-RATA OWNERSHIP OF ASSETS HELD BY NICKEL 28
* COBALT 27 CAPITAL CORP - FOLLOWING COMPLETION OF ARRANGEMENT, PALA WILL RETAIN A 4.9% INTEREST IN NICKEL 28
* COBALT 27 CAPITAL CORP - IN EVENT A SUPERIOR PROPOSAL IS MADE TO COBALT 27, PALA HAS A 5-BUSINESS-DAY RIGHT TO MATCH SUCH PROPOSAL
* COBALT 27 CAPITAL CORP - IF AGREEMENT IS TERMINATED, COBALT 27 HAS AGREED TO PAY A TERMINATION FEE OF C$15.5 MILLION TO PALA