Fuse Cobalt Inc. Closes Financing
1220-789 West Pender St Vancouver BC V6C 1H2 Phone : (236) 521-0207 FuseCobalt.com
Fuse Cobalt Inc. Closes Financing PRESS RELEASE
Vancouver, BC – March 31, 2020 – Fuse Cobalt Inc. (“the Company“ or “Fuse”) (TSXV: FUSE, OTCQB: WCTXF FRA:43W2) announces that further its news release dated March 18, 2020 the Company has closed a non-brokered private placement of 1,600,000 Units (“Units”) at a price of $0.05 per Unit raising gross proceeds of $80,000.
Each Unit consists of one common share of the Company and one share purchase warrant. Each share purchase warrant entitles the holder thereof to purchase one additional common share of the Company at an exercise price of $0.065 per share, for a period of five years from closing, subject to final TSX Venture Exchange (“Exchange”) approval.
The proceeds of the Private Placement will be used for exploration and development and for general working capital purposes.
The Company also paid Finder fees in the amount of 160,000 shares and 80,000 finder warrants in connection with the private placement. The finder’s warrants are on the same terms as the private placement warrants. The finder fees are subject to Exchange approval.
All securities issued in connection with the private placement will be subject to a four‐month and a day hold period expiring on August 1, 2020 in accordance with applicable Canadian Securities Laws. About Fuse Cobalt Inc. https://fusecobalt.com/ Fuse Cobalt Inc. is a Canadian based exploration company that trades under the symbol FUSE on the TSX Venture Exchange. The Company's focus is on exploration for high value metals required for the manufacturing of batteries.
Ontario Cobalt Properties:
Fuse owns a 100% interest its Glencore Bucke Property, situated in Bucke Township, 6 km eastnortheast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. The Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of Fuse’s Teledyne Cobalt Project. The Company also owns a 100% interest, subject to a royalty, in the Teledyne Project located near Cobalt, Ontario. The Teledyne Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine.
On Behalf of the Board of Directors “Robert Setter”
Robert Setter, President &CEO 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.
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those