TORONTO, May 27, 2021 /CNW/ - First Cobalt Corp.
(TSXV: FCC) (OTCQX: FTSSF) (the "Company") today announced the
filing of its unaudited financial results for the three-month
period ended March 31, 2021.
For complete details of the condensed interim consolidated
financial statements and the associated management's discussion and
analysis, please refer to the Company's filing on SEDAR
(www.sedar.com) or the Company's website (www.firstcobalt.com).
The Company remains on schedule to commission its expanded
refinery in October 2022, at which
time it will become the only refiner of battery-grade cobalt
sulfate in North America and the
second largest outside of China.
Highlights
- Cash of $16.0 million and working
capital of $20.2 million as of
March 31, 2021
- Glencore loan converted to common shares of First Cobalt on
April 7, 2021 eliminating all
Corporate debt and freeing up the security package associated with
the refinery
- Sale of a portion of the Cobalt Camp properties to Kuya Silver
Corp. for $3.7 million in Kuya shares
and $1 million in cash
- 5-year feedstock arrangements for 90% of refinery capacity with
Glencore and IXM
- Flexible, 5-year cobalt sulfate offtake arrangement for up to
100% of production executed with Stratton Metals. Quantities
are at First Cobalt's election, subject to a minimum
- Entered an exclusivity agreement and commenced due diligence
with a leading financial institution to provide US$45 million in debt financing
The Company launched an at-the-market equity program (the "ATM
Program") in February 2021 for the
issuance of up to $10 million of
common shares from treasury. There were no issuances of
shares under the ATM Program during the first quarter of
2021. In April and May 2021, the
Company has issued a total of 965,500 common shares under the ATM
Program at an average price of $0.3565 per share, providing gross proceeds of
$344,162. A commission of
$10,325 was paid to Cantor Fitzgerald
in relation to these distributions.
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.
