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Edison Cobalt and Sudbury Platinum Launch RTO Private Placement of $3.5 Million Co-Led by Gravitas Securities and Red Cloud Securities
Vancouver, British Columbia--(Newsfile Corp. - February 5, 2020) - Edison Cobalt Corp  (...
About this update from Edison Lithium Corp.
[{"type":"text","content":"Edison Cobalt and Sudbury Platinum Launch RTO Private Placement of $3.5 Million Co-Led by Gravitas Securities and Red Cloud SecuritiesVancouver, British Columbia--(Newsfile Corp. - February 5, 2020) - Edison Cobalt Corp (TSXV: EDDY) (\"Edison\" \"EDDY\" or the \"Company\") and Sudbury Platinum Corporation (\"SPC\") are pleased to announce in connection with the previously announced merger transaction between Edison Cobalt Corp. (EDDY), Sudbury Platinum Corporation (SPC) that will result in a reverse takeover of EDDY by SPC with the resulting issuer to be called SPC Metals, Gravitas Securities Inc., as co-lead agent with Red Cloud Securities Inc., have been engaged to complete a best efforts brokered private placement of up to 14 million subscription receipts, at a price of 25 cents per subscription receipt, for gross proceeds of up to $3.5-million.Edison President and CEO, Neil Pettigrew commented: \"We are very excited to initiate the financing as a step toward completing the RTO transaction with SPC. By combining the two corporations we are launching Canada's next preeminent nickel & PGM company. SPC brings exceptional assets in the heart of the world class Sudbury Mining Camp and a team of proven mine finders to the deal at a time when both nickel and palladium have strong fundamental for growth now and for years to come.\"The gross proceeds of the brokered financing less an amount equal to the agents' expenses and 50 per cent of the agents' fee will be delivered to and held by a licensed Canadian trust company or other escrow agent mutually acceptable to the agents, EDDY and SPC, in an interest-bearing account, pending the satisfaction of certain escrow release conditions (including among other things, the completion of all conditions precedent to the transaction to the satisfaction of the agents) prior to August 20, 2020.The gross proceeds of the brokered financing (less an amount equal to the agent's expenses and the agent's fee) will be used for exploration and development of SPC Metals' asset portfolio and financing completion of the RTO transaction.Upon the satisfaction of the escrow release conditions, each subscription receipt will be automatically converted, without payment of any additional consideration, into one unit of SPC Metals. Each unit will comprise one common share of SPC Metals and ...