TORONTO, March 19, 2019 /CNW/ - Cobalt Blockchain Inc.
("COBC" or the "Company") (TSX-V: COBC; OTCQB: COBCF) is pleased to
announce that it has closed its previously announced private
placement offering (the "Offering") through the issuance (on a
non-brokered basis) of 4,526,734 units ("Units") at a price of
$0.15 per Unit for a gross proceeds
of $679,010.10.
Each Unit issued pursuant to the Offering consisted of one
common share in the capital of the Company (a "Common Share") and
one half of one Common Share purchase warrant (each whole warrant,
a "Warrant"). Each Warrant entitles the holder thereof to purchase
one additional Common Share at a price of $0.20 for a period of five years from their
respective dates of issuance.
The Company intends to use the net proceeds of the Offering to
fund i) exploration work on its joint venture properties, ii)
establishment of assay lab facilities and regional offices, and
iii) for working capital and general corporate purposes.
The securities to be issued in connection with the Offering are
subject to a statutory four-month hold period from the respective
dates of issuance i.e. the hold periods expire June 1, 2019 and July 16,
2019.
The Company has also received approval from the TSX Venture
Exchange to convert outstanding debt totalling $462,000 in exchange for 3,080,001 Common Shares
at a price of $0.15 per share.
No Warrants were issued in connection with the debt settlement for
Insiders while a non-related party received 133,333 Warrants
exercisable at $0.20 per share for 5
years, expiring March 7, 2024. The
securities issued in connection with the debt conversion are
subject to a statutory four-month hold period expiring July 8, 2019.
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV:COBC) is a Canadian resource
company expanding its exploration and development business to
include cobalt assets in the Democratic
Republic of the Congo ("DRC"); it holds export trading
licenses for 3T, copper and cobalt from the DRC. COBC is the
first mining and mineral trade company set up specifically to
procure cobalt in compliance with the Organisation for Economic
Co-operation and Development ("OECD") due diligence framework. COBC
has developed and is implementing a blockchain-based reporting
platform to provide greater certainty of provenance and further
assurance that all minerals procured are ethically-sourced. Senior
management have over twelve years of experience working in the DRC
and a proven international track record in exploration success and
the trading of certified conflict-free, child-labour-free
minerals.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cobalt Blockchain Inc.