TORONTO – First Cobalt Corp. has arranged a bought deal private placement of flow-through and common share units. Each unit will consist of one share and one-half a share purchase warrant. The company will issue 4.7 million flow-through units at a price of $1.51 each for gross proceeds of $7.1 million and 16.4 million units priced at $1.10 for $18.0 million.
First Cobalt owns the only permitted cobalt refinery in North America. (Image: First Cobalt Corp.)
A syndicate of underwriters led by Canaccord Genuity has agreed to purchase the units. They have been granted an option to sell a further 4.6 million units at the same price for approximately another $5.0 million.
First Cobalt is the largest land owner in the Cobalt Mining Camp in northern Ontario. It now controls more than 10,000 hectares that cover 50 historic mines as well as a mill and the only permitted cobalt refinery in North America.
Read about the geology of the Cobalt camp at www.FirstCobalt.com.