Business
Cobalt Power Group Announces Corporate Update and Pending Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 16, 2017) - Cobalt Power Group Inc. (the "Company") (TSX VENTURE:CPO) today announces a corporate update and a
About this update from Power Group Projects Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 16, 2017) - Cobalt Power Group Inc. (the \"Company\") (TSX VENTURE:CPO) today announces a corporate update and a pending private placement. Recently, Cobalt Power Group has seen an upswing in market activity. The Company attributes this increase to several factors. The energy metals space has received significant focus over the past several months due to the rise in demand for lithium-ion batteries. Cobalt, in particular, has been on the forefront of media exposure. As a result, over this time period (Sept 2016- Feb 2017), the price of cobalt has risen from approximately USD$12.00/lb to USD$19.50/lb. Cobalt Power Group has amassed a significant portfolio of cobalt assets in the Cobalt, Ontario region of Canada (see news releases dated September 6 & 13, 2016, and October 11, 2016). The Company has completed its phase 1 Smith Cobalt exploration program (see news release dated November 17, 2016) and begun its phase 2 program (see news release dated November 22, 2016). The Company is in the process of finalizing two private placements pursuant to price reservation forms filed with the TSX Venture Exchange. The first is a non-brokered private placement of 13,000,000 units of the Company at a price of $0.08 per unit for total gross proceeds of up to CDN$1,040,000. Each Unit consists of one previously unissued common share (a \"Share\") and one-half common share purchase warrant (a \"Warrant\") of the Issuer. One whole Warrant will entitle the holder, on exercise, to purchase one common share of the Issuer (a \"Warrant Share\") at a price of $0.16 per share at any time until the close of business on the day which is eighteen months from the Closing Date. The second placement is a non-brokered private placement of 4,000,000 flow through shares at a price of $0.12 per share for total gross proceeds of up to CDN$480,000. The proceeds of the Offerings to be raised will be used by the Issuer to commence an extensive exploration program on the Company's Smith Cobalt project located in the vicinity of the City of Cobalt in the Province of Ontario, and administrative expenses. The phase 3 exploration program will consist of drill target identification (once all data from phase 2 has been analysed) and drilling. Finder's fees acceptable to the TSX Venture Exchange will be payable in connectio...