VANCOUVER, British Columbia, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSXV:BANC) (the “Corporation” or “Bankers”) announces that it intends to complete a non-brokered fully subscribed private placement (the “Financing”) of 663,636 units at a price of $0.55 per unit for aggregate proceeds of CAD $365,000. Each unit will consist of one common share of the Corporation and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable into one common share of the Corporation at an exercise price of $0.70 per common share for a period of three years from the date of issuance. In connection with the private placement the Corporation may pay finder’s fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange.
The proceeds from the Financing will be used to fund the exploration and development of the Corporation’s mineral concessions in the Democratic Republic of the Congo (the “DRC”), the acquisition of interests in additional mineral concessions and for general working capital purposes.
The securities issued pursuant to the Financing will be subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the Financing. Closing of the Financing is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.
Stephen Barley, President and CEO of Bankers stated: “All eligible investors were not able to participate to their desired level in the private placement in December 2017. This fully subscribed financing assists in offsetting a portion of that shortfall.”
About Bankers
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world class Canadian standards. This will address the supply chain custody and verifiable sources of ore issue being imposed on processors in the DRC by consumers. Bankers holds rights to 20 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area more than 297 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining companies in the DRC to have 20 concessions capable of being currently explored and developed. Bankers has an experienced operations team operating in the southern Copperbelt of the DRC. Bankers believes it is one of the front runners in advancing cobalt and copper exploration by a junior mining company in the DRC.
