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Chilean Cobalt Announces Follow-on Strategic Equity Investment by Glencore and Madesal
BERWYN, PA / ACCESS Newswire / May 21, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) ("Chilean Cobalt" or the "Company") is pleased to announce it has closed a
About this update from Chilean Cobalt Corp.
[{"type":"text","content":" BERWYN, PA / ACCESS Newswire / May 21, 2026 / Chilean Cobalt Corp. (OTCQB:COBA) (\"Chilean Cobalt\" or the \"Company\") is pleased to announce it has closed a private placement financing (the \"Offering\") with a wholly-owned subsidiary of Glencore plc (LSE: GLEN) (together, with its subsidiaries, \"Glencore\") and Madesal SpA (together, with its subsidiaries, \"Madesal\"). Following completion of the Offering, Glencore and Madesal beneficially own approximately 5.6% and 7.4% of the Company's issued and outstanding common shares, respectively, further strengthening their position as strategic shareholders. The net proceeds from the Offering will be used to pursue additional district consolidation opportunities and exploration, support early ESG-related work, and for general corporate and working capital purposes. \"We are pleased to deepen our relationship with Glencore and Madesal through this investment, which underscores continued confidence in our strategy, assets, and team\" said Duncan T. Blount, Chairman and CEO of Chilean Cobalt. \"As exploration accelerates at La Cobaltera, El Cofre, and NeoRe, the proceeds enhance our ability to advance district consolidation and further position Chilean Cobalt as a leading future supplier of responsibly sourced cobalt and copper, with potential exposure to rare earth elements.\" \"Building on our existing offtake arrangement and strategic partnership, we look forward to further strengthening our commercial relationship as Chilean Cobalt advances its projects,\" said Burak Memis, Head of Cobalt Trading at Glencore. \"This follow-on investment reflects our continued conviction in Chilean Cobalt's strategy and the long-term opportunity to build a multi-critical minerals platform and an Americas-centric supply chain solution\" said Fernando Saenz, General Manager of Madesal SpA. \"At Madesal, we are committed to advancing the responsible development of cobalt, copper, and rare earth elements, which are essential for advanced energy and materials applications, including automotive, aerospace, and defense industries.\" This press release does not constitute an offer or sale of, or the solicitation of an offer to buy, securities of the Company nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to regis...