FIRST COBALT ANNOUNCES NON-BROKERED FLOW-THROUGH PRIVATE PLACEMENT FINANCING OF $1.3 MILLION
First Cobalt Corp. has arranged a non-brokered private placement financing of approximately 2,165,000 flow-through shares at a price of 60 cents per flow-through share for gross proceeds of about $1.3-million.
All proceeds from the sale of the flow-through shares will be used to incur eligible Canadian exploration expenses as defined in the Income Tax Act (Canada) at the company’s Keeley-Frontier project, located in Ontario, Canada.
The flow-through shares will be issued on a private placement basis in certain provinces of Canada, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws.
Closing of the offering is expected to occur on or about May 26, 2017, and is subject to receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offering will have a hold period of four months and one day from their issue.
About First Cobalt Corp.
First Cobalt is focused on building a diversified global portfolio of assets that are highly leveraged to the cobalt market. The company’s current assets include interests in an option over seven prospective copper-cobalt properties covering 190 square kilometres in the Democratic Republic of the Congo all with known surface mineralization, as well as an option in Canada for the former producing Keeley-Frontier mine, a high-grade mine that produced over 3.3 million pounds of cobalt and 19.1 million ounces of silver from 301,000 tonnes of ore.