TSX VENTURE: COBC
TORONTO, Nov. 21, 2019 /CNW/ – Cobalt Blockchain Inc. (“COBC” or the “Company”) (TSX-V: COBC; OTCQB: COBCF) announces that it is still working towards completion of the previously announced private placement offering (the “Offering”) through the issuance of units (“Units”) at a price of $0.05 per Unit raising gross proceeds of $1,000,000, subject only to final approval of the TSX Venture Exchange. The Exchange has granted an extension up to December 11,2019 to complete the placement. The placement is unbrokered.
Each Unit to be issued pursuant to the Offering consists of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of $0.20 for a period of two years from the date of its issuance.
The Company intends to use the net proceeds of the Offering to fund i) exploration work on its joint venture properties, ii) commissioning of the hydroxide plant in Democratic Republic of Congo and securing adequate feed material for the plant, and iii) for working capital and general corporate purposes.
The securities issued in connection with the Offering are subject to a statutory four-month hold period from the date of issuance i.e. the hold periods expire four months and one day from their respective dates of issuance.
This press release does not constitute an offer to sell or solicitation of an offer to sell any of the securities. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws.
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV:COBC) is a Canadian resource company expanding its exploration and development business to include cobalt assets in the Democratic Republic of the Congo (“DRC”); it holds export trading licenses…