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    cobalt investing

    Global Cobalt Closes First Tranche of Non-Brokered Private Placement

    Investing News Network
    May. 11, 2015 11:32AM PST
    Battery Metals

    Global Cobalt Corp. (TSXV:GCO) reported the closing of $149,500, the first tranche of its non-brokered private placement. The First Tranche consisted of 2,990,000 units at a price of $0.05 per unit.

    Global Cobalt Corp. (TSXV:GCO) reported the closing of $149,500, the first tranche of its non-brokered private placement. The First Tranche consisted of 2,990,000 units at a price of $0.05 per unit.

    As quoted in the press release:

    Members of Global Cobalt’s management team (“Management”) were participants in the Private Placement. There will be no fee payable on the Management portion of the Private Placement.

    The Company would also like to clarify that as part of the Plan of Arrangement Transaction it has been proposed that shareholders of Global Cobalt at the time prior to the effective date will be eligible to receive equal securities in SpinCo. The effective date will be set at the conclusion of the Transaction subsequent to the Annual General Special Meeting.

    Erin Chutter, President and CEO of Global Cobalt, stated:
    “This substantial investment by the management team of Global Cobalt in the financing is a strong endorsement for the Transaction moving forward.”

    Proceeds from the Offering will be used to complete the plan of arrangement and spin-out transaction announced on April 7th, 2015.

    As announced, the non-brokered private placement consists of the Company issuing up to 5,000,000 Units at a price of $0.05 per Unit. Each Unit consists of one common share of the Company (a “Share”) and one common share purchase warrant (a “Warrant”) entitling the holder to acquire an additional common share of the Company (a “Warrant Share”) for a period of 24 months following the Closing Date at an exercise price of $0.07 per Warrant Share.

    In connection with the Offering, the Company may pay finder’s fees to arm’s-length third parties consisting of: (i) cash commission of up to 8% of the gross proceeds of the Offering; and (ii) broker warrants (“Broker Warrants”) in an amount up to 8% of the total number of Units under the Offering. Each Broker Warrant will expire 24 months from the date of issue (the “Broker Warrant Expiry Date”) and will entitle the holder thereof to purchase one Unit of the Company at a price of $0.07 per Unit at any time up until the Broker Warrant Expiry Date.

    Click here to read the Global Cobalt Corp. (TSXV:GCO) press release
    Click here to see the Global Cobalt Corp. (TSXV:GCO) profile.

    cobalt investingtsxv:gcoglobal cobaltprivate placementglobal cobalt corp
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