Cobalt Power Group Inc. (TSX-V: CPO) (OTC Pink: CBBWF) is pleased to announce it has closed a non-brokered private placement for aggregate gross proceeds of $1,116,000 through the issuance and combination of (i) 2,800,000 units of the Company at a price of $0.22 per Unit for gross proceeds of $616,000. Each Unit consists of one common share of the Company and one-half of one Common Share purchase warrant. Each Warrant entitles the holder thereof to purchase a Common Share at an exercise price of $0.35 for a period of two years following the date of issuance; and (ii) 2,000,000 flow-through common shares at a price of $0.25 per FT Share for gross proceeds of $500,000.
The Company paid a cash commission of $60,360, equal to 6% of the proceeds raised from subscribers introduced to the Company by finders and 258,000 broker warrants, equal to 6% of the Units issued pursuant to the offering.
Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX-Venture Exchange. All securities issued in connection with the offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. Proceeds of the offering will be used for general working capital purposes.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange and U.S. Pink Sheets (TSXV: CPO) (OTC Pink: CBBWF) focused on cobalt exploration and development. The Company has made a series of strategic property acquisitions over the past two years, seeking cobalt mineralization near Cobalt, Ontario, a region with a long history of silver and associated cobalt production. Property holdings total approximately 8,736 hectares (21,600 acres) in contiguous and strategic claim blocks. There are several historic mining operations on the properties that are potentially accessible, including the Smith Cobalt shaft and its underground workings.
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