Feb 2018: news release TD was lead underwriter TD was lead but Cannacord participated
VANCOUVER, Feb. 23, 2018 /CNW/ - eCobalt Solutions Inc. (“eCobalt” or “the Company”) (TSX: ECS, OTCQX: ECSIF) is pleased to report the successful closing of the bought deal financing announced on February 13, 2018, including the exercise in full of the underwriters’ over-allotment option. The Company issued a total of 23,000,000 units (the “Units”) at a price of $1.30 per Unit for gross proceeds of $29,900,000 (the “Offering”).
Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one common share at an exercise price of C$1.95 for a period of eighteen (18) months following the closing of the Offering. The Company intends to use the net proceeds of the Offering for advancing the development of the Company’s Idaho Cobalt Project, supporting pre-construction activities at the mine and mill site in preparation for production, support of engineering for new mine and Cobalt Processing Facility design, and for general working capital purposes.
The Offering was led by TD Securities Inc., and included BMO Capital Markets, Canaccord Genuity Corp. and Eight Capital (the “Underwriters”). The Offering was completed by way of a prospectus supplement and an accompanying short form base shelf prospectus of the Company, in all of the provinces in Canada, other than Quebec, in certain offshore jurisdictions, and in the United Stateson a private placement basis pursuant to applicable exemptions under the U.S Securities Act of 1933, as amended.