TORONTO, March 16, 2021 /CNW/ - First Cobalt Corp.
(TSX-V: FCC) (OTCQX: FTSSF) (the "Company") 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.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". The forward-looking statements contained herein may
include, but is not limited to, information concerning the expected
sale of Common Shares under the ATM Program, the price, volume and
timing of the sale and distribution of Common Shares under the ATM
Program, the anticipated use of proceeds of any offering under the
ATM Program, anticipated benefits and impacts of the ATM Program,
and statements regarding the timing for provision to holders of
notice of the Acceleration Trigger and the accelerated warrant
expiry date in connection therewith. Forward-looking
statements are based on First Cobalt's current beliefs and
assumptions as to the outcome and timing of future events,
including, but not limited to, that the Company makes sales of
Common Shares under the ATM Program, that the proceeds of any
offering conducted under the ATM Program will be deployed as
anticipated, the anticipated benefits and impacts of the ATM
Program being realized, and the notice of the Acceleration Trigger
and the accelerated warrant expiry date will be as planned.
Forward-looking statements involve risks, uncertainties and other
factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements include,
among other things: the ability of the Company to successfully
close a financing, including the ATM Program, the price, volume and
timing of sale of Common Shares under the ATM Program not being
determinable at this time, the anticipated use of proceeds from any
offering made under the Company's Base Prospectus and any offerings
to be conducted thereunder including the ATM Program, the benefits
and impacts of the ATM Program not being as anticipated, the notice
of the Acceleration Trigger and the accelerated warrant expiry date
not being as planned, the risks and uncertainties relating to
exploration and development, the ability of the Company to obtain
additional financing, the need to comply with environmental and
governmental regulations, fluctuations in the prices of
commodities, operating hazards and risks, competition and other
risks and uncertainties and other such factors as are set forth in
the Base Prospectus and the Prospectus Supplement, as well as the
management discussion and analysis and other disclosures of risk
factors for First Cobalt, filed on SEDAR at www.sedar.com. Although
First Cobalt believes that the information and assumptions used in
preparing the forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply
as of the date of this news release, and no assurance can be given
that such events will occur in the disclosed times frames or at
all. Except where required by applicable law, First Cobalt
disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
SOURCE First Cobalt Corp.
