Cobalt Pure Play Offers 'Unique Exposure and Leverage'

Numis Securities, Cobalt 27 Capital Corp., Initiating Coverage, June 27, 2017

The research analyst who prepared this research report was Jonathan Guy. The research analyst who prepared this investment recommendation receives compensation based upon various factors (such as the general perception of the analyst's ability and commitment to their analytical work) and upon the overall revenues including the investment banking revenues and trading revenues of Numis and/or one or more of its affiliates.

Analyst Certification: The analyst hereby certifies that all of the views expressed herein accurately reflect the analyst's personal views about any and all of the subject security and/or issuer at the date of original publication of this document.

The research analyst who prepared this research report also certifies that no part of the analyst's compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed by the analyst in the research report.

Numis or one or more of its associates or a director or an employee of Numis or of an associate may from time to time have a position, or may have undertaken or may undertake an own-account transaction, in a security referred to in this document or in a related security. Such a position or such a transaction may relate to the market making activities of Numis or to other activities of Numis.

Numis or one or more of its associates may from time to time have a broking, advisory or other relationship with a company which is the subject of or referred to in this investment recommendation, including acting as that company’s official or sponsoring broker and providing corporate finance or other financial services.

It is the policy of Numis to seek to act as corporate adviser or broker to many of the companies which are covered by the Research Department. Accordingly companies covered in any investment recommendation may be the subject of marketing initiatives by the Corporate Finance Department.

Numis acts as a market maker (as defined in point (7) of Article 4(1) of Directive 2015/65/EU) in the subject company of this report. Additionally, at any time Numis may have a long or short position in the companies mentioned in this investment recommendation, and may have received customer orders to buy or sell instruments in the companies mentioned in this investment recommendation. If Numis holds a long position of >0.5% or a short position of <-0.5% in the subject company of an investment recommendation, this is separately disclosed.

A company covered in this investment recommendation may have paid for an analyst’s reasonable expenses to visit their premises or offered modest hospitality or entertainment; further details are available on request.

Unless otherwise clearly specified in this document, the author(s) of this document does not own a long or short position in the issuer, whether received or purchased before or subsequent to a public offering of such shares.