First Cobalt Corp. (TSX-V: FCC) (OTCQX: FTSSF) is pleased to announce that it has received a further $1.92 million in cash proceeds from warrants subsequent to an acceleration notice provided to holders on February 23, 2021.
Under the terms of the warrants issued as part of the Company’s March 2019 and February 2020 private placements, the Company provided holders with notice of its election to accelerate the expiry date of the warrants to March 15, 2021. At the time of the notice of acceleration, there were 5,604,561 warrants outstanding at a strike price of $0.21 per Common Share subject to the accelerated expiry date of March 15, 2021. All warrants were exercised prior to the expiry deadline for gross proceeds of $1,176,957.
Additionally, at the time of the notice of acceleration, there were 2,957,482 warrants outstanding at a strike price of $0.27 per Common Share subject to the accelerated expiry date of March 15, 2021. A total of 2,757,482 warrants were exercised prior to the expiry deadline for gross proceeds of $744,520. The remaining warrants have been cancelled.
Addition to Leadership Team
The Company is pleased to announce that Cora Klein has joined First Cobalt as Head of Investor Relations. In this capacity, she will be responsible for communicating our strategy to the market as First Cobalt enters the construction phase for expansion and recommissioning of its Canadian cobalt refinery.
Ms. Klein has 15 years of experience in communications and investor relations ranging from a micro-cap biotech company to, more recently, a global engineering and construction firm with a market cap of over $4 billion and annual net revenues of $3.6 billion.
Trent Mell, President & Chief Executive Officer, commented:
“We are pleased to welcome Cora to the team. Her experience across different industries and with a global investor base will serve us well as we work towards a greener future powered by electric vehicles.”
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 the Iron Creek cobalt-copper project in Idaho, USA and controls significant silver and cobalt assets in the Canadian Cobalt Camp, including more than 50 past producing mines.
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We acknowledge the [financial] support of the Government of Canada.