Global Cobalt (TSXV:GCO,OTCBB:GLBCF) announced that it has completed an oversubscribed non-brokered private placement tallying $155,750. The company sold 3,115,000 units at a price of $0.05 per unit. Proceeds of the financing will be used for work on the company’s Werner Lake project as well as its newly acquired Iron Creek cobalt project.
According to the press release:
(Global Cobalt) is pleased to announce that it has completed an oversubscribed non-brokered private placement of an aggregate amount of CAD $155,750 through the sale of 3,115,000 units (the “Units”) at a price of $0.05 per Unit. As reported in the news release dated November 21st, 2014, 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 $0.065 per Warrant Share.