ala stock price

Electra Increases Base Shelf Offering Size by $50 million

 
 

  /NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/  

 

TSX.V: FCC
OTCQX: FTSSF

 

First Cobalt Corp. (dba Electra Battery Materials Corporation) (TSXV: FCC) (OTCQX: FTSSF) (the "Company") is pleased to announce that it has filed with the Canadian securities regulatory authorities in each of the provinces and territories of Canada an amendment to its short form base shelf prospectus dated November 26, 2020 (the " Prospectus " and, as amended, the " Amended Prospectus ") to increase the total offering price of the securities of the Company that may be offered from time to time under the Prospectus from $20,000,000 to $70,000,000 (or the equivalent thereof in U.S. dollars or other currencies).  Under the Prospectus, the Company has previously distributed: (a) units with an aggregate principal amount of $9,775,230 ; (b) an aggregate of $686,274.10 of common shares of the Company under an at-the-market equity program established on February 22, 2021 (which was subsequently terminated upon the closing of a note offering and equity offering; and (c) an aggregate of $9,537,500 of common shares pursuant to an equity offering.

 

The Amended Prospectus has been filed to give the Company additional flexibility to consider future financing opportunities under favourable market conditions to advance its battery materials park and other growth plans to increase shareholder value.  The Company is currently expanding its Canadian hydrometallurgical refinery to produce cobalt sulfate as the first phase of its North American battery park strategy, with commissioning planned for Q4'2022. The subsequent phases, namely battery recycling, nickel production and precursor cathode active material (PCAM) manufacturing, provide opportunities for the Company to materially expand its operations in Canada in the future.  Additionally, with strong cobalt prices, the Company will review 2022 exploration plans for its Iron Creek cobalt-copper project in Idaho , once the results of the current drill program have been assessed.

 

The Company does not have any immediate intention to conduct an offering under the Amended Prospectus.  At the time an offering is contemplated, a prospectus supplement containing specific information about the applicable terms will be filed with the Canadian securities regulatory authorities and the Company will announce its intention to the market by way of press release.

 

The Amended Prospectus, including the documents incorporated by reference therein, contains important information concerning these securities and is available on SEDAR at www.sedar.com . Prospective investors should read the Amended Prospectus, as supplemented and amended from time to time, before making any investment decision.

 

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer or sale would be unlawful. The Units, Shares and Warrants, as well as the Shares issuable upon exercise of the Warrants, have not been and will not be registered under the U.S. Securities Act, or any securities or "blue sky" laws of any of the states of the United States . Accordingly, such securities may not be offered or sold within the United States except in accordance with an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

 

On behalf of First Cobalt Corp.

 

  Trent Mell  
President & Chief Executive Officer

 

  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy   of this release.    

 

   Cautionary Note Regarding Forward-Looking Statements   

 

  This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for the Company, filed on SEDAR at www.sedar.com . Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.  

 

SOURCE First Cobalt Corp.

 

 

 

 

View original content: https://www.newswire.ca/en/releases/archive/November2021/30/c7054.html  

 
 

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
Closeup of vibrant blue crystals on a textured surface.

Cobalt Blue's Broken Hill Project Gets Major Project Status Extension

Cobalt Blue Holdings' (ASX:COB) Broken Hill cobalt project has received a further three years of major project status.

The extension of major project status for Broken Hill follows the project's initial designation originally granted in March 2022, and supports the continued development of this key asset in remote western New South Wales.

The project spans approximately 37 square kilometres.

Keep reading...Show less
Democratic Republic of Congo flag.

Cobalt Prices Surge as DRC Extends Export Ban to September

Cobalt prices are surging after the Democratic Republic of Congo (DRC), the world’s largest producer, extended its export ban by three months in a bid to address global oversupply and stabilize plunging prices.

According to the Financial Times, cobalt prices on China’s Wuxi Stainless Steel Exchange rose nearly 10 percent after the DRC government announced the news over the weekend.

The ban — originally set to expire on Monday (June 23) — will now remain in effect until at least September.

Keep reading...Show less
A lithium-ion battery in the foreground with a line of batteries in the background, all surrounded by blue swirls.

ASX Cobalt Stocks: 4 Biggest Companies in 2025

After spending much of the last two years trending downwards, the cobalt price is spiking in 2025.

About 75 percent of global cobalt output comes from the Democratic Republic of Congo (DRC). While electric vehicle (EV) demand has remained positive, cobalt oversupply has weighed on markets and hurt efforts to build supply chains outside of the DRC.

However, the country banned exports of cobalt in February in an effort to increase the metal's falling price. By mid-March, cobalt had spiked to US$36,170 per tonne, up more than 65 percent from its record-low price of US$21,550 hit in late January.

Increasing electric vehicle (EV) and lithium-ion battery demand is expected to be supportive for key battery raw materials in the coming years. This means that as demand for EVs increases, so too will demand for cobalt — and, as one of the top four cobalt-producing countries in the world, Australia finds itself in a position to capitalise on this demand.

Keep reading...Show less
Electric car charging, wind turbine and cityscape double exposure.

Cobalt Market Update: Q1 2025 in Review

Cobalt metal prices fell to a nine year low in February after another year of oversupply, but rebounded sharply after the Democratic Republic of Congo (DRC) instituted a four month export pause for the critical metal.

After starting the year at US$24,495 per metric ton, cobalt ended the three month period at US$34,040.40, a strong 39 percent increase from January’s value. The price spread between cobalt’s first quarter low of US$21,467.70 on January 29 and its Q1 high of US$36,262 on March 17 is even more impressive at 69 percent.

The drop to US$21,467.70 marked the battery metal's lowest level since February 2016.

Keep reading...Show less
A Canada flag on a compass pointing towards the word "invest."

Electra Secures Federal Support for North America’s Only Cobalt Sulfate Refinery

Electra Battery Materials (TSXV:ELBM,NASDAQ:ELBM) announced on March 21 that it has received a letter of intent from the Canadian government for C$20 million in proposed funding.

The money would support the construction and commissioning of North America’s first battery-grade cobalt refinery, a critical step toward strengthening the region’s electric vehicle (EV) supply chain.

The refinery, located in Temiskaming Shores, Ontario, is set to produce 6,500 metric tons of cobalt sulfate annually, enabling domestic production of up to 1 million EVs per year. According to Electra, it would be a key step in reducing North America's dependence on China, which currently refines approximately 90 percent of the world’s cobalt.

Keep reading...Show less

Latest Press Releases

Related News

×