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First Cobalt Upsizes Private Placement

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unit36   Friday, 01/31/20 12:38:17 PM
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First Cobalt Upsizes Private Placement

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First Cobalt Corp.
Jan 31, 2020, 07:00 ET
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TORONTO, Jan. 31, 2020 /CNW/ - First Cobalt Corp. (TSX-V: FCC; OTCQX: FTSSF) (the "Company") is pleased to announce that it has increased its previously announced non-brokered private placement (see News Release dated January 22, 2020) to accommodate demand. The offering has increased to 14,300,000 units (the "Units") of the Company at a price of $0.14 per Unit for gross proceeds of approximately $2,000,000 (the "Offering"). The Company expects to close the Offering on February 5, 2020.

Each Unit issued pursuant to the Offering will consist of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Common Share at a price of $0.21 for a period of two years. The Warrants are subject to accelerated expiry if the closing price of the common shares of the Company is equal to or greater than $0.37 per share for a period of ten consecutive trading days, in which case the Company will have the option, but not the obligation, to accelerate the expiry to 20 calendar days from the date of notice.

Closing 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 not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold within the United States absent registration or an exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.

About First Cobalt
First Cobalt owns North America's only permitted cobalt refinery. Cobalt refining is a critical component to the development and manufacturing of batteries for electric vehicles and forms a foundational piece of the next generation of the North American auto sector and other electrified consumer and industrial applications. First Cobalt owns a cobalt project in the United States and controls significant mineral assets in the Canadian Cobalt Camp, including more than 50 past producing mines.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer

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