TORONTO, Aug. 27, 2021
/CNW/ - First Cobalt Corp. (TSXV: FCC) (OTCQX: FTSSF)
(the "Company") today announced the filing of its unaudited
financial results for the three and six-month period ended
June 30, 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 the fourth quarter 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 $11.5 million and working
capital of $14.7 million as of
June 30, 2021
- Announcement of an approximate US$45
million financing package comprising US$37.5 million of 6.95% senior secured
convertible notes due December 1,
2026 and approximately US$7.5
million of a common share equity offering. The financing
package is subject to customary closing conditions and is expected
to close on September 1, 2021
- Glencore loan converted to common shares of First Cobalt on
April 7, 2021
- Acquisition of the West Fork Property in Idaho, United
States to the west of the existing Iron Creek cobalt-copper
deposit to expand the Company's land position. An earn-in agreement
on the Redcastle property located to the east of Iron Creek was
also announced during the quarter.
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. During the second quarter of 2021, the Company has
issued a total of 1,588,500 common shares under the ATM Program at
an average price of $0.3436 per
share, providing gross proceeds of $529,396. A commission of $16,373 was paid to Cantor Fitzgerald in relation
to these distributions.
During July 2021, a further
435,000 common shares were issued under the ATM Program at an
average price of $0.3230 per share,
providing gross proceeds of $140,505. A commission of $4,215 was paid to Cantor Fitzgerald in relation
to these distributions. On August 23,
2021, the Company provided notice to Cantor Fitzgerald of
the Company's intention to terminate the ATM Program effective as
of September 2, 2021.
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.
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 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.