RE:Trent Mell Interview : Restarting the First Cobalt refineryseems the video hasn't been uploaded to my previous post. here is the link
https://www.youtube.com/watch?v=5sfo_i76lJQ
by the way the financing is closed !! I am expecting the stock price to increase from now ..
FIRST COBALT COMPLETES $2.1 MILLION PRIVATE PLACEMENT
First Cobalt Corp. has closed an upsized non-brokered private placement previously announced on Jan. 22, 2020, for gross proceeds of $2,113,030. In connection with closing, the Company has issued 15,093,074 units (the "Units") at a price of $0.14 per Unit.
Each Unit consists of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of $0.21 for a period of two years. The Warrants are subject to accelerated expiry if the closing price of the common shares of the Company is equal to or greater than $0.37 per share for a period of ten consecutive trading days, in which case the Company will have the option, but not the obligation, to accelerate the expiry to 20 calendar days from the date of notice.
The Company intends to use the net proceeds of the Private Placement for general corporate purposes.
Insiders of the Company subscribed for an aggregate of 2,208,000 Units under the Offering. The issuances of Units to insiders pursuant to the Offering are considered related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of insider participation as, at the time the transaction was agreed to, neither the fair market value of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeded 25% of the Company's market capitalization.
In connection with certain orders, finder's fees were paid, amounting to an aggregate of $31,795 in cash and 159,046 Warrants.