VANCOUVER, Oct. 20, 2017 /CNW/ - Cobalt Power Group Inc. (the "Company") (TSX.V: CPO) is pleased to announce that it has closed its fully subscribed for non-brokered flow-through private placement announced on October 12, 2017 for gross flow-through proceeds raised in the placement of CDN $800,000.
The non-brokered flow-through private placement closed on October 19, 2017 and consisted of the placement of 5,000,000 flow-through shares at a price of $0.16 per flow-through share.
As compensation for the placement of the units, Cobalt Power paid cash finder's fees of $33,000 calculated at 6% of the amount placed by two (2) finders. In addition, the Company issued to eligible finders 206,250 Broker Warrants also calculated at 6% of the flow-through shares placed by the eligible finders. Each Broker's Warrant is exercisable at price of $0.16 to purchase one additional common share of the Company for a period of two (2) years from the date of closing of the Private Placement.
All securities issued by Cobalt Power pursuant to the offering have been issued subject to a four month hold period expiring February 20, 2018.
The proceeds of the Offering will be used by the Issuer for exploration of present and future Canadian cobalt mineral properties.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange (TSX-V: CPO) focused on cobalt exploration and development.
