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VANCOUVER, British Columbia, Feb. 06, 2020 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE: BOLT) (FRANKFURT: NXFE) is pleased to announce a non-brokered private placement (the “Offering”) for aggregate gross proceeds of $742,164.48. The Company intends to use the net proceeds from the Offering to fund development of its nickel-cobalt business in Indonesia as well as general working capital purposes.
Pursuant to the Offering, the Company will issue 6,184,704 units (each a “Unit”) at a price of $0.12 per Unit. Each Unit is comprised of one (1) common share in the capital of the Company (each a "Common Share") and one (1) transferable Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one (1) Common Share for one year at an exercise price of $0.16 per Common Share.
In connection with the Offering, the Company will pay a 5% fee in cash to eligible finders who introduce subscribers to the Offering.
All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a four month resale restriction.
The Offering is expected to close imminently.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development of production grade cobalt and nickel deposits, key raw material inputs for the growing lithium‐ion battery industry. Visit https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
(604) 922-8272
rsundher@pacificrimcobalt.com
Steve Vanry – CFO & Director
(604) 922-8272
steve@vanrycap.com
Sean Bromley – Director & Investor Contact
(778) 985-8934
sean@theparmargroup.com
Reader Advisory
This news release may include forward-looking information that is subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the completion of, and use of proceeds from, the Offering. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information.Although Pacific Rim Cobalt has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, success of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
