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Cobalt Blockchain Completes Private Placement and Shares for Debt Settlement
Cobalt Blockchain Completes Private Placement and Shares for Debt Settlement Canad...
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[{"type":"text","content":"\n\n\n\nCobalt Blockchain Completes Private Placement and Shares for Debt Settlement\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, March 19, 2019\n\n\n\nTORONTO, March 19, 2019 /CNW/ - Cobalt Blockchain Inc. (\"COBC\" or the \"Company\") (TSX-V: COBC; OTCQB: COBCF) is pleased to announce that it has closed its previously announced private placement offering (the \"Offering\") through the issuance (on a non-brokered basis) of 4,526,734 units (\"Units\") at a price of $0.15 per Unit for a gross proceeds of $679,010.10.\n\n \n \n\n \nEach Unit issued pursuant to the Offering consisted of one common share in the capital of the Company (a \"Common Share\") and one half of one Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of $0.20 for a period of five years from their respective dates of issuance.\nThe Company intends to use the net proceeds of the Offering to fund i) exploration work on its joint venture properties, ii) establishment of assay lab facilities and regional offices, and iii) for working capital and general corporate purposes.\nThe securities to be issued in connection with the Offering are subject to a statutory four-month hold period from the respective dates of issuance i.e. the hold periods expire June 1, 2019 and July 16, 2019.\nThe Company has also received approval from the TSX Venture Exchange to convert outstanding debt totalling $462,000 in exchange for 3,080,001 Common Shares at a price of $0.15 per share.  No Warrants were issued in connection with the debt settlement for Insiders while a non-related party received 133,333 Warrants exercisable at $0.20 per share for 5 years, expiring March 7, 2024. The securities issued in connection with the debt conversion are subject to a statutory four-month hold period expiring July 8, 2019.\nAbout Cobalt Blockchain Inc.\nCobalt Blockchain Inc. (TSXV:COBC) is a Canadian resource company expanding its exploration and development business to include cobalt assets in the ...