pcNewsWire – First Cobalt Corp. (TSX-V: FCC, OTCQB: FTSSF) has completed previously announced non-brokered private placement financing of 2,050,001 flow-through common shares at $0.60 per flow-through share for gross proceeds of $1,230,000.
Proceedswill be used to incur eligible Canadian Exploration Expenses at the Company’s Keeley-Frontier Project, located in Ontario, Canada.
First Cobalt Closes Private Placement
TORONTO, ON — (May 31, 2017) – First Cobalt Corp. (TSX-V: FCC, OTCQB: FTSSF) (the “Company”) is pleased to announce it has completed the non-brokered private placement financing announced on May 17, 2017. The Company issued a total of 2,050,001 flow-through common shares (“Flow-Through Share”) at a price of $0.60 per Flow-Through Share for gross proceeds of $1,230,000.
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.
All securities issued under the Offering will be subject to a statutory four-month and one day hold period. In connection with this private placement, the Company paid $27,012 in finder’s fees.
The securities being offered pursuant to the Private Placement have not been, and will not be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
About First Cobalt
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 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.
On behalf of First Cobalt Corp.
Trent Mell President & Chief Executive Officer
For more information visit www.firstcobalt.com or contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: First Cobalt Corp.