![]() ![]() The Company engaged CF&Co to act as sole placement agent for the Note Offering, which is being conducted on a private placement basis. ![]() Upon completion of this financing, the Company will advance discussions on a non-dilutive working capital facility to cover (i) a minimum liquidity requirement of US$5M, and (ii) cobalt hydroxide feed purchases through to the time of sale of cobalt sulfate to market. The Company’s management and board of directors determined that the financing terms and covenants of the financing described herein are superior to the debt financing the Company was previously pursuing. The Note Offering and Equity Offering announced today will replace the debt financing process announced by the Company on March 31, 2021. The Company intends to use the aggregate net proceeds of the Note Offering and the Equity Offering for capital expenditures associated with the expansion and recommissioning of the Refinery, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs. We intend to capitalize on this first-mover advantage and leverage our position as an ultra-low carbon operation.” Longer term, we are pursuing the creation of a Battery Park around our refinery, which would include battery recycling, nickel sulfate production and lithium-ion battery precursor manufacturing. “Our vision is to be the most sustainable producer of battery materials, starting with North America’s only domestic supply of battery grade cobalt. ”Every director and officer is participating in the financing, underlining our confidence in our business strategy and strengthening our alignment with shareholders. “This is one of our most important catalysts for the year, as this financing will allow us to advance construction of our Canadian battery material refinery,” said President & CEO Trent Mell. An overnight-marketed public offering of common shares in the capital of the Company (the “ Offered Shares”) led by BMO Capital Markets for gross proceeds of approximately C$9.5 million (approximately US$7.5 million), at a price per Offered Share to be determined in the context of the market (the “ Equity Offering”).An offering of US$37.5 million principal amount of 6.95% senior secured convertible notes due Decem(the “ Notes”) led by Cantor Fitzgerald & Co.The financing consists of the following components: (TSX-V: FCC) (the “Company”) is pleased to announce that it has arranged a combined secured convertible debt and brokered equity financing package with an aggregate value of approximately US$45 million to finance the construction of its wholly-owned hydrometallurgical refinery (the “ Refinery”) located in Ontario, Canada. Toronto, Ontario – (August 23, 2021) – First Cobalt Corp. NOT FOR DISSEMINATION IN THE UNITED STATES ORįOR DISTRIBUTION TO U.S.
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