Global Cobalt Corporation is a strategic metals company focused on the development of a new mining region in the Republic of Altai, Russia.
As first mover into this new region, Global Cobalt will be able to leverage the world-class Karakul Cobalt Project and bring on stream a number of projects creating a mining district with enormous potential.
The Republic of Altai is a mineral rich, pro-mining region of southern Siberia, Russia, which neighbours the similarly mineral-endowed countries of Kazakhstan, Mongolia and China.
Recognizing strategic metals, and more specifically cobalt, as essential to the world's ever growing need due to the increasing focus on environmental sustainability, the electrification of the modern vehicle and the escalating appetite for consumer electronics such as mobile phones, tablets and laptops, Global Cobalt's primary objective is to define economically feasible projects through the acquisition of tactical mineral assets while aggressively expanding and exploring existing properties to supply the growing demand for cobalt and other strategic metals.
Global Cobalt Corp. has arranged a non-brokered private placement financing for up to $150,000.
The non-brokered private placement will consist of the company issuing up to three million units at a price of five cents per unit. Each unit consists of one common share of the company and one common share purchase warrant entitling the holder to acquire an additional common share of the company for a period of 24 months following the closing date at an exercise price of 6.5 cents per warrant share.
In connection with the offering, the company may pay finders' fees to arm's-length third parties consisting of: cash commission of up to 8 per cent of the gross proceeds of the offering; and broker warrants in an amount up to 8 per cent of the total number of units under the offering. Each broker warrant will expire 24 months from the date of issue and will entitle the holder thereof to purchase one unit of the company at a price of 6.5 cents per unit at any time up until the broker warrant expiry date.
The securities issued in the private placement will be subject to a hold period of four months plus one day following the issue date, under applicable Canadian securities legislation.
The private placement is subject to TSX Venture Exchange approval.