Pacific Rim Cobalt Corp. (CSE: BOLT) (FRANKFURT: NXFE) is pleased to announce that the non-brokered private placement previously announced on February 7, 2019 has now closed. Under the Offering, the Company issued 10,541,667 units at a price of $0.12 per Unit for gross proceeds of $1,265,000. Each Unit was comprised of one common share in the capital of the Company and one transferable Common Share purchase warrant. Each Warrant entitles the holder to purchase one Common Share at price of $0.20 per Common Share until February 12, 2020, subject to accelerated expiry provisions. In the event the closing price of the Company’s Common Shares exceeds $0.30 per Common Share for a period of 10 consecutive trading days at any time, then at the Company’s election, the 12 month period within which the Warrants are exercisable will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days commencing on the day the Company provides the acceleration notice via press release or written notice to all Warrant holders (the “Acceleration Period”). Any outstanding Warrants not exercised during the Acceleration Period will expire on completion of the Acceleration Period.
In connection with the Offering, the Company paid a total of $25,928 in cash to eligible finders who introduced subscribers to the Offering.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring June 13, 2019.
The Company intends to use the net proceeds from the Offering for drilling and exploration, metallurgy and processing testing, and general working capital purposes.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development of production grade cobalt and nickel deposits, key raw material inputs for the growing lithium‐ion battery industry.
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