First Cobalt Confirms Extended Mineralization in Iron Creek Cobalt Project & Announces Private Placement

First Cobalt Confirms Extended Mineralization in Iron Creek Cobalt Project & Announces Private Placement First Cobalt Corp (ASX: FCC) focusses exclusively in operations related to cobalt. It is a North American company whose primary asset is the Iron Creek Cobalt Project in Idaho, USA. The company has a strategy to explore, develop and refine ethically sourced cobalt within North America so that it can sale back into the American battery market. On 5 March 2019, the company has announced that mineralisation has been found in a 611-metre drill hole by an additional 150 metres digging downdip in the central portion of the Iron Creek Cobalt Project in Idaho, USA. As mentioned by the President & Chief Executive Officer of the company Trent Mell, the company has increased the depth extent of mineralisation almost by double across the entire deposit and it remains open. It has good continuity of grade and thickness, and the company can extend the deposit in a more quick and cost-effective manner with wider spaced step-out holes. The future potential of the deposit is high beyond the next resource update since each step-out has proved that mineralisation remains open at depth and along strike. Further stated that the confidence in the cobalt market is increasing as the electric vehicle sales are continuing to set new records in the face of lower mine production forecasts in 2019. The Iron Creek Project and the near-term cash flow potential of the First Cobalt Refinery of the company provide direct exposure for investors who are looking out to leverage to the electric vehicle revolution. The company has also announced its entry into an agreement with an investor on a non-brokered private placement of 11,111,111 units of the company at a price of $0.18 per unit for gross proceeds of $2 million. Each Unit issued in the offering will be consisting of one common share and one common share purchase warrant. Each warrant holder is entitled to purchase one additional common share at a price of $0.27, over a period of two years, however these warrants are subject to an acceleration clause which states that if the closing price of the common shares of the company is equal to or if greater than $0.37 per share for ten consecutive trading days, the company shall have an option to implement an accelerated expiration date which will be twenty calendar days from the issuance of a notice of acceleration, however this is not an obligation for the company. The company will use the capital from the offer in supporting the work at the First Cobalt Refinery which is currently in progress, as well as general corporate purposes. At the time of writing (AEST 01:37 PM, 05 March 2019), the stock of First Cobalt Corp traded at $0.190 (down 5% during days’ trade) with a market capitalisation of $83.45 million. The stock has generated a YTD return of 11.11% and posted negative returns of 56.04% and 16.67% over the last six months and three months period, however, the last one-month return was 17.65%. It has a 52-week high price of $1.130 with an average trading volume of 226,617.

First Cobalt Corp (ASX: FCC) focusses exclusively in operations related to cobalt. It is a North American company whose primary asset is the Iron Creek Cobalt Project in Idaho, USA. The company has a strategy to explore, develop and refine ethically sourced cobalt within North America so that it can sale back into the American battery market.

On 5 March 2019, the company has announced that mineralisation has been found in a 611-metre drill hole by an additional 150 metres digging downdip in the central portion of the Iron Creek Cobalt Project in Idaho, USA. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

As mentioned by the President & Chief Executive Officer of the company Trent Mell, the company has increased the depth extent of mineralisation almost by double across the entire deposit and it remains open. It has good continuity of grade and thickness, and the company can extend the deposit in a more quick and cost-effective manner with wider spaced step-out holes. The future potential of the deposit is high beyond the next resource update since each step-out has proved that mineralisation remains open at depth and along strike.

Further stated that the confidence in the cobalt market is increasing as the electric vehicle sales are continuing to set new records in the face of lower mine production forecasts in 2019. The Iron Creek Project and the near-term cash flow potential of the First Cobalt Refinery of the company provide direct exposure for investors who are looking out to leverage to the electric vehicle revolution.

The company has also announced its entry into an agreement with an investor on a non-brokered private placement of 11,111,111 units of the company at a price of $0.18 per unit for gross proceeds of $2 million.

Each Unit issued in the offering will be consisting of one common share and one common share purchase warrant. Each warrant holder is entitled to purchase one additional common share at a price of $0.27, over a period of two years, however these warrants are subject to an acceleration clause which states that if the closing price of the common shares of the company is equal to or if greater than $0.37 per share for ten consecutive trading days, the company shall have an option to implement an accelerated expiration date which will be twenty calendar days from the issuance of a notice of acceleration, however this is not an obligation for the company. The company will use the capital from the offer in supporting the work at the First Cobalt Refinery which is currently in progress, as well as general corporate purposes.

At the time of writing (AEST 01:37 PM, 05 March 2019), the stock of First Cobalt Corp traded at $0.190 (down 5% during days’ trade) with a market capitalisation of $83.45 million. The stock has generated a YTD return of 11.11% and posted negative returns of 56.04% and 16.67% over the last six months and three months period, however, the last one-month return was 17.65%. It has a 52-week high price of $1.130 with an average trading volume of 226,617.


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