This is interesting
First Cobalt Announces Investment in eCobalt Shares
TORONTO, May 1, 2019
TORONTO, May 1, 2019 /CNW/ - First Cobalt Corp. (TSX-V: FCC, ASX: FCC, OTCQX: FTSSF) (the "Company"
announces it has acquired, by way of a private share purchase agreement, a total of 9,640,500 common shares ("Common Shares"
of eCobalt Solutions Inc. ("eCobalt"
(TSX:ECS), representing approximately 6% of the issued and outstanding Common Shares, at a price of C$0.375 per Common Share. The acquisition represents First Cobalt's entire interest in eCobalt.
The Common Shares were acquired for investment purposes and First Cobalt may in future acquire or sell eCobalt shares without further announcement, subject to applicable regulations. In connection with the private share purchase agreement, the Company intends to issue 21,265,809 common shares of First Cobalt at C$0.17. All Common Shares issued will be subject to a statutory four month and one day hold period and are subject to all necessary regulatory and stock exchange approvals.
About First Cobalt
First Cobalt is a Canadian-based pure-play cobalt company and owner of the only permitted primary cobalt refinery in North America. The Company is exploring a restart of the First Cobalt Refinery in Ontario, Canada, which could produce 2,000 tonnes of cobalt sulfate or metallic cobalt per year. First Cobalt's main cobalt project is the Iron Creek Cobalt Project in Idaho, USA, which has Inferred mineral resources of 26.9 million tonnes grading 0.11% cobalt equivalent, or an alternative underground-only scenario of 4.4 million tonnes grading 0.3% cobalt equivalent.
On behalf of First Cobalt Corp.