Business
Cobalt Blockchain Completes $1 Million Second Tranche of Private Placement, Settles $1.78 Million of Debt, Appoints New Director and Sets Annual Meeting
Toronto, Ontario--(Newsfile Corp. - September 21, 2020) - Cobalt Blockchain Inc. (TSXV: C...
About this update from Enerev5 Metals Inc.
[{"type":"text","content":"Cobalt Blockchain Completes $1 Million Second Tranche of Private Placement, Settles $1.78 Million of Debt, Appoints New Director and Sets Annual MeetingToronto, Ontario--(Newsfile Corp. - September 21, 2020) - Cobalt Blockchain Inc. (TSXV: COBC) (OTC Pink: COBCF) (\"COBC\" or the \"Company\") announced today that it has completed a second tranche of its previously announced private placement of up to $4.5 million of units (\"Units\"), raising gross proceeds of $1,005,000 (the \"Second Tranche\").The Second Tranche was completed on a brokered basis through IBK Capital Corp. and certain sub-agents (collectively, the \"Agents\"). In the Second Tranche, the Company issued and sold 20,100,000 Units at a price of $0.05 per Unit, with each Unit consisting of one common share of the Company and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.20 until September 18, 2022. In consideration for the services provided by the Agents in connection with the Second Tranche, the Company paid the Agents aggregate cash fees of $70,350, reimbursed them for certain expenses and issued to the Agents an aggregate of 2,010,000 non-transferable broker warrants (the \"Broker Warrants\"). Each Broker Warrant entitles the holder to acquire one Unit of the Company (having the same terms as those issued in the Second Tranche) at a price of $0.05 until September 18, 2022. IBK Capital Corp.is a \"connected issuer\" and \"related issuer\" of the Company, as defined in Canadian securities legislation, by virtue of the ownership of securities of the Company by its directors and officers. The Company may pay similar fees to brokers and/or finders, including IBK Capital Corp., in connection with further tranches of the private placement. Net proceeds from the Second Tranche will be used for working capital and other general corporate purposes. All securities issued in the Second Tranche are subject to a 4-month hold period in Canada and such longer periods as may be required under other applicable securtiies laws.The Company is continuing to pursue the completion of the approximate $2.5 million balance of the private placement.Debt Settlements and Shares for DebtThe Company also announced that further to its news release on August 26, 2020, additional ...