eCobalt Solutions Inc. (TSX:ECS) (OTCQX:ECSIF) is pleased to report the successful closing of the bought deal financing announced on February 13, 2018, including the exercise in full of the underwriters’ over-allotment option. The Company issued a total of 23,000,000 units at a price of $1.30 per Unit for gross proceeds of $29,900,000.
Each Unit consists of one common share of the Company and one-half of one common share purchase warrant . Each Warrant shall entitle the holder thereof to purchase one common share at an exercise price of C$1.95 for a period of eighteen months following the closing of the Offering.
The Company intends to use the net proceeds of the Offering for advancing the development of the Company’s Idaho Cobalt Project, supporting pre-construction activities at the mine and mill site in preparation for production, support of engineering for new mine and Cobalt Processing Facility design, and for general working capital purposes.
The Offering was led by TD Securities Inc., and included BMO Capital Markets, Canaccord Genuity Corp. and Eight Capital. The Offering was completed by way of a prospectus supplement and an accompanying short form base shelf prospectus of the Company, in all of the provinces in Canada, other than Quebec, in certain offshore jurisdictions, and in the United States on a private placement basis pursuant to applicable exemptions under the U.S Securities Act of 1933, as amended.
The Offered Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, and they may not be offered or sold in the United States or to a US person unless an exemption from registration is available. This press release does not constitute an offer to sell the Offered Securities in the United States or to US persons.
About eCobalt Solutions Inc.
eCobalt is a well-established Toronto Stock Exchange listed company committed to providing clean cobalt products essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States. The Company’s ICP, located in East Central Idaho, is the only environmentally permitted, primary cobalt project in the United States. It is 100% owned by the Company’s wholly owned subsidiary, Formation Capital Corporation, U.S.
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