TORONTO, March 30, 2021 /CNW/ - First Cobalt
Corp. (TSXV: FCC) (OTCQX: FTSSF) (the "Company") is
pleased to announce that it has entered into an exclusivity
agreement with a leading financial institution (the "Lender") for
US$45 million in debt financing to
fund the capital cost relating to the recommissioning and expansion
of the First Cobalt Refinery. The exclusivity period provides the
basis for which the Lender will complete its remaining due
diligence requirements prior to the negotiation of definitive
documentations.
The financing process, which is being led by CIBC Capital
Markets, is expected to be completed prior to announcement of a
formal construction decision. In December
2020, the Government of Canada and the Government of Ontario announced a joint $10 million investment in the First Cobalt
Refinery to help accelerate commissioning and expansion.
Permitting remains on schedule, supporting a commencement of
construction in mid-2021. The Company's strong treasury has
supported pre-construction activities, including procurement
activities for long lead equipment orders.
Trent Mell, President & Chief
Executive Officer, commented:
"We are on track to achieving our goal of commencing
construction in mid-2021 and full commissioning in the second half
of 2022. Progression into an exclusivity phase for a debt facility
without a royalty or stream represents a key milestone in securing
the remaining capital needed to restart the First Cobalt Refinery
and brings us one step closer to our vision of producing the
world's most sustainable cobalt."
About First Cobalt
First Cobalt's mission is to be the most sustainable producer of
battery materials. The Company owns North
America's only permitted cobalt refinery, a critical asset
in the development and manufacturing of batteries for electric
vehicles. First Cobalt owns the Iron Creek cobalt-copper project in
Idaho, USA as well as several
significant cobalt and silver properties in the Canadian Cobalt
Camp.
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 may contain 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". 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 are set
forth in 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.