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First Cobalt Announces Private Placement
First Cobalt Announces Private Placement Canada NewsWire TORONTO, Aug. 11, 2020 ...
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[{"type":"text","content":"\n\n\n\nFirst Cobalt Announces Private Placement\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\nTORONTO, Aug. 11, 2020\n\n\n\nTORONTO, Aug. 11, 2020 /CNW/ - First Cobalt Corp. (TSX-V: FCC; OTCQX: FTSSF) (the \"Company\") is pleased to announce a $2 million non-brokered private placement consisting of (i) an aggregate of 6,250,000 units of the Company (\"Flow-Through Units\") at a price of $0.16 per Flow-Through Unit for gross proceeds of $1 million (the \"FT Offering\") and (ii) an aggregate of 7,142,857 units (the \"Units\") of the Company at a price of $0.14 per Unit for gross proceeds of $1 million (the \"Offering\").\n\n \n \n \n \n \n \n\n \nEach Flow-Through Unit consists of one common share of the Company qualifying as a 'flow-through share' (a \"Flow-Through Share\") and one-half of one common share purchase warrant (each whole common share purchase warrant a \"Warrant\"). Each Unit consists of one common share of the Company (a \"Common Share\") and one Warrant. Each full Warrant will entitle the holder thereof to purchase one Common Share of the Company at a price of $0.21 per Common Share, for a period of 24 months following the Closing Date. \nAll proceeds from the sale of the Flow-Through Units will be used to incur eligible Canadian Exploration Expenses as defined in the Income Tax Act (Canada) related to the Company's projects in Ontario, Canada. \nRed Cloud Securities Inc. is acting as a finder in connection with a portion of the Offering, and the Company intends to pay finders' fees in connection with this Offering.  Proceeds of the Offering will be used by the Company to fund the advancement of First Cobalt's silver assets in Ontario and the remaining proceeds will be used for general corporate purposes. \nClosing of the Offering is expected to occur by the end of August 2020 and is subject to receipt of regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the Offering will have a hold period of four months and one day from their issue. The securities being offered will...