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Cobalt Power Group Closes Second Non-Brokered Private Placement of Flow-Through Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 10, 2017) - Cobalt Power Group Inc. (the "Company") (TSX VENTURE:CPO) is pleased to announce that it has close
About this update from Power Group Projects Corp.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 10, 2017) - Cobalt Power Group Inc. (the \"Company\") (TSX VENTURE:CPO) is pleased to announce that it has closed the second non-brokered private placement announced on February 16, 2017, for gross flow-through proceeds of CDN$480,000.00. The non-brokered flow-through placement closed on March 08, 2017, and consisted of the placement of 4,000,000 flow-through shares at a price of $0.12 per flow-through share. As compensation for the placement of the units, Cobalt Power paid cash finder's fees of $20,599.20 calculated at 6% of the amount placed by three (3) finders. In addition, the Company issued to eligible finders 171,660 Broker Warrants also calculated at 6% of the units placed by the eligible finders. Each Broker's Warrant is exercisable at price of $0.16 to purchase one additional common share of the Company for a period of eighteen (18) months from the date of closing of the Private Placement. All securities issued by Cobalt Power pursuant to the offering have been issued subject to a four month hold period expiring July 9, 2017. Additionally, Cobalt Power Group expects results from its recently completed Induced Polarization survey shortly and will use the data to help identify and delineate drill targets. Proceeds of the flow-through funding will be used to commence its first phase drill program on the Company's Smith Cobalt project, expected to begin in spring 2017. Dr. Andreas Rompel, President and CEO of Cobalt Power Group comments, \"We are delighted that the placement received substantial interest within a short time and look forward to the start of the initial phase of surface drilling on our Smith Cobalt asset. Our company continues to be a leader in the advancement of cobalt assets in the Cobalt, Ontario, region of Canada.\" About the Smith Cobalt Project The Smith Cobalt project is underlain by a sequence of Archaean volcanics which are uncomformably overlain by Huronian sediments. These formations have been intruded by the Proterozoic-age Nipissing diabase sill. Faulting, on both a regional and local scale, has been found by surface mapping and in drill cores. Polymetallic veining, and especially pinkish-white carbonate veins, has also been reported. Thus, all the necessary geological components of accepted mineralization models for cobalt-silver have been ident...