/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES/
TSX.V: FCC
OTCQX: FTSSF
TORONTO, Nov. 30, 2021 /CNW/ - First Cobalt Corp. (d/b/a
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.