Business
First Cobalt Announces Financing for Construction of North American Battery Materials Refinery
First Cobalt Announces Financing for Construction of North American Battery Materials Ref...
About this update from Electra Battery Materials Corp
[{"type":"text","content":"\n \n \n \n First Cobalt Announces Financing for Construction of North American Battery Materials Refinery\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n OR\n \n FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES./\n \n \n \n \n TORONTO\n \n ,\n \n Aug. 23, 2021\n \n /CNW/ -\n \n First Cobalt Corp.\n \n (TSXV: FCC) (the \"Company\") is pleased to announce that it has arranged a combined secured convertible debt and brokered equity financing package with an aggregate value of approximately\n \n US$45 million\n \n to finance the construction of its wholly-owned hydrometallurgical refinery (the \"\n \n Refinery\n \n \") located in\n \n Ontario, Canada\n \n .\n \n \n \n \n \n \n \n \n \n The financing consists of the following components:\n \n \n \n An offering of\n \n US$37.5 million\n \n principal amount of 6.95% senior secured convertible notes due\n \n December 1, 2026\n \n (the \"\n \n Notes\n \n \") led by Cantor Fitzgerald & Co. (\"\n \n CF&Co\n \n \") (the \"\n \n Note Offering\n \n \"); and\n \n \n An overnight-marketed public offering of common shares in the capital of the Company (the \"\n \n Offered Shares\n \n \") led by BMO Capital Markets for gross proceeds of approximately\n \n C$9.5 million\n \n (approximately\n \n US$7.5 million\n \n ), at a price per Offered Share to be determined in the context of the market (the \"\n \n Equity Offering\n \n \").\n \n \n \n \n \"This is one of our most important catalysts for the year, as this financing will allow us to advance construction of our Canadian battery material refinery,\" said President & CEO\n \n Trent Mell\n \n . \"Every director and officer is participating in the financing, underlining our confidence in our business strategy and strengthening our alignment with shareholders.\n \n \n \n \n \"Our vision is to be the most sustainable producer of battery materials, starting with\n \n North America's\n \n only domestic supply of battery grade cobalt. Longer term, we are pursu...