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First Cobalt Files First Quarter 2021 Financial Results
First Cobalt Files First Quarter 2021 Financial Results Canada NewsWire ...
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[{"type":"text","content":"\n \n \n \n First Cobalt Files First Quarter 2021 Financial Results\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n May 27, 2021\n \n /CNW/ -\n \n First Cobalt Corp.\n \n (TSXV: FCC) (OTCQX: FTSSF) (the \"Company\") today announced the filing of its unaudited financial results for the three-month period ended\n \n March 31, 2021\n \n .\n \n \n \n \n \n \n \n \n \n For complete details of the condensed interim consolidated financial statements and the associated management's discussion and analysis, please refer to the Company's filing on SEDAR (\n \n www.sedar.com\n \n ) or the Company's website (\n \n www.firstcobalt.com\n \n ).\n \n \n The Company remains on schedule to commission its expanded refinery in\n \n October 2022\n \n , at which time it will become the only refiner of battery-grade cobalt sulfate in\n \n North America\n \n and the second largest outside of\n \n China\n \n .\n \n \n \n Highlights\n \n \n \n \n Cash of\n \n $16.0 million\n \n and working capital of\n \n $20.2 million\n \n as of\n \n March 31, 2021\n \n \n \n Glencore loan converted to common shares of First Cobalt on\n \n April 7, 2021\n \n eliminating all Corporate debt and freeing up the security package associated with the refinery\n \n \n Sale of a portion of the Cobalt Camp properties to Kuya Silver Corp. for\n \n $3.7 million\n \n in Kuya shares and\n \n $1 million\n \n in cash\n \n \n 5-year feedstock arrangements for 90% of refinery capacity with Glencore and IXM\n \n \n Flexible, 5-year cobalt sulfate offtake arrangement for up to 100% of production executed with Stratton Metals.  Quantities are at First Cobalt's election, subject to a minimum\n \n \n Entered an exclusivity agreement and commenced due diligence with a leading financial institution to provide\n \n US$45 million\n \n in debt financing\n \n \n \n The Company launched an at-the-market equity program (the \"ATM Program\") in\n \n February 2021\n \n for the issuance of up to\n \n $10 million\n \n of common shares from treasury.  There were no issuance...