Business
Cobalt Power Group Inc. Closes Non-Brokered Private Placement with Hochschild Mining Holdings Limited and Establishes an Alliance
Cobalt Power Group Inc. Closes Non-Brokered Private Placement with Hochschild Mining Holdi...
About this update from Power Group Projects Corp.
[{"type":"text","content":"\n\n\n\nCobalt Power Group Inc. Closes Non-Brokered Private Placement with Hochschild Mining Holdings Limited and Establishes an Alliance\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Aug. 31, 2017\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRES./\n\nTSX.V: CPO \n\n\n\nVANCOUVER, Aug. 31, 2017 /CNW/ - Cobalt Power Group Inc. (the \"Company\") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce that it has closed the private placement announced on August 21, 2017 as a result of which CPO has issued 4,886,538 units of CPO at a price of CDN$0.13 per unit to Hochschild Mining Holdings Limited (\"Hochschild\").  Each unit consists of one common share and one half of one non-transferrable share purchase warrant, with each one warrant being exercisable to purchase one additional common share of CPO over a period of two years from closing at a price of CDN$0.30 per share.\n\n\n \n \n\n \nThe common shares forming part of the unit and any shares that might be acquired on the exercise of warrants attached to the unit have been or will be issued subject to a four month hold period expiring December 26, 2017.\n\nBy virtue of the private placement Hochschild has received the following additional rights:\n\n\nthe right to option and joint venture one of CPO's properties to be selected by Hochschild in its sole discretion on the terms set out in CPO's news release of August 21, 2017.\nthe right to appoint a director to the Board of CPO following the closing and as long as Hochschild holds a minimum of 5% of the issued and outstanding shares of CPO; and\nthe right to top up its shareholder holdings in CPO in order to maintain its percentage interest in the outstanding share capital of CPO.  The exercise of the top up right is optional and may be exercised through further private placements to be made at a price equal to the average 20 day volume weighted market price of CPO's common shares as traded on the TSX Venture Exchange subject to the application of the minimum pricing policies of th...