Cobalt 27 has a streaming deal with Vale’s Voisey’s Bay mine as it transitions to underground production. (Image: Vale SA)
TORONTO – Cobalt 27 Capital Corp. has closed a C$300 million bought deal offering of common shares. The company issued 30.8 million shares at a price of C$9.75 each. The underwriters have been granted an over-allotment option for an additional 4.6 million shares at the same price.
With its treasury bulked up, Cobalt 27 will move forward with acquiring the cobalt stream from Vale’s Voisey’s Bay nickel-copper mine in Labrador. Cost of the arrangement is US$300 million. Vale is currently expanding the mine as it develops underground resources for mining beginning in 2020.
Cobalt 27 has signed streaming and royalty deals on a dozen projects, and it holds almost 3,000 tonnes of physical cobalt material. Please visit www.Cobalt27.com.