Pacific Rim Cobalt Closes Non-Brokered Financing
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VANCOUVER, British Columbia, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE: BOLT) (FRANKFURT: NXFE) is pleased to announce that the non-brokered private placement previously announced on February 7, 2019 (the “Offering”) has now closed. Under the Offering, the Company issued 10,541,667 units (each a “Unit”) at a price of $0.12 per Unit for gross proceeds of $1,265,000. Each Unit was 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 Common Share at price of $0.20 per Common Share until February 12, 2020, subject to accelerated expiry provisions. In the event the closing price of the Company’s Common Shares exceeds $0.30 per Common Share for a period of 10 consecutive trading days at any time, then at the Company’s election, the 12 month period within which the Warrants are exercisable will be reduced and the holders of the Warrants will be entitled to exercise their Warrants for a period of 30 days commencing on the day the Company provides the acceleration notice via press release or written notice to all Warrant holders (the “Acceleration Period”). Any outstanding Warrants not exercised during the Acceleration Period will expire on completion of the Acceleration Period.
In connection with the Offering, the Company paid a total of $25,928 in cash to eligible finders who introduced subscribers to the Offering.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring June 13, 2019.
The Company intends to use the net proceeds from the Offering for drilling and exploration, metallurgy and processing testing, and general working capital purposes.
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
Steve Vanry – CFO & Director
Sean Bromley – Director & Investor Contact
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 its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.