Global Cobalt Closes Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 30, 2013) - GLOBAL COBALT CORP. ("Global Cobalt") (TSX VENTURE:GCO) (the "Company") is pleased to announce that further to its news release dated June 17 and July 8, 2013, it has completed its brokered private placement of 1,136,364 units at a price of $0.11 per unit and the first tranche of its non-brokered private placement of 477,273 units at a price of $0.11 per unit for aggregate gross proceeds of approximately $177,500 (the "Offering").
Each unit consists of one common share ("Share") and one Share purchase warrant ("Warrant") of the Company. Each Warrant will entitle the holder to acquire one Share (a "Warrant Share") of the Company at a price of $0.14 per Warrant Share until July 26, 2015.
The Company issued to the finders under the Offering a total of 90,909 Warrants to purchase up to 90,909 Shares at a price of $0.11 per Share for a period of 24 months. In addition, the Company paid cash commissions to the finders totaling $10,000.
Additionally, one of the investors in the Offering has been issued 11 subscription rights pursuant to the terms and conditions as disclosed in the Company's news release dated July 8, 2013.
All securities issued pursuant to the Offering are subject to a hold period expiring on November 27, 2013.
The Company will use the proceeds of the Offering towards its existing operations and for working capital.
The Company is also pleased to announce that Gaston Reymenants and Peter Reynolds have been appointed to the Company's Board of Directors during the Annual General Meeting held on July 19th, 2013.
Global Cobalt Corporation:
Global Cobalt Corporation is a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt will build upon the success of the Altai Projects while aggressively expanding and exploring existing properties to meet the demand for cobalt and other strategic metals.
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Neither 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.