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Cobalt Blockchain Announces US$10m Trade Finance Facility Letter of Intent with United Bank for Africa
Cobalt Blockchain Announces US$10m Trade Finance Facility Letter of Intent with United Ban...
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[{"type":"text","content":"\n\n\n\nCobalt Blockchain Announces US$10m Trade Finance Facility Letter of Intent with United Bank for Africa\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, June 14, 2018\n\n\n\nTORONTO, June 14, 2018 /CNW/ - Cobalt Blockchain Inc. (\"COBC\" or the \"Company\") (TSXV:COBC) is pleased to announce that it has signed a letter of intent for a US$10 million revolving trade finance facility with United Bank for Africa Plc (\"UBA\"), a leading pan-African financial services group with operations in 20 African countries and offices in three global financial centers of London, Paris and New York.\n\n\n \n \n\n \nCOBC will be using the trade finance facility for the purposes of purchasing cobalt concentrates once the terms of have been finalized and a definitive agreement is in place.  The initial funds will be directed towards the purchase of cobalt concentrates (1% minimum, 3-4% average cobalt) from a key mining cooperative in the Democratic Republic of the Congo (DRC). \n\nThis supply agreement, previously announced on April 6, 2018, guarantees COBC a supply of cobalt concentrate of 40,000 tonnes per annum.\n\nCOBC will be purchasing the cobalt concentrate from the DRC cooperative under a framework compliant with the guidelines of the Organisation for Economic Co-operation and Development (OECD) for responsible mineral sourcing.\n\nThe Company has been working with Better Chain S.L. and DLT Labs to develop this framework over the past several months. COBC's platform is based on an autonomous due diligence (ADD) protocol, and a custom Hyperledger/Ethereum blockchain.\n\nCOBC's platform is expected to be the world's first operational blockchain mineral provenance system for cobalt, ensuring transparency that any cobalt traded through COBC is ethically-sourced.\n\nFurther details of the above initiatives will be presented at the DRC Mining Week Conference on June 13-15, in Lubumbashi, DRC, and at Mining Investment North America on June 14-15, in Toronto, Canada.\n\nCOBC is the intermediary in the supply chain between local artisanal and small-sca...