CBLT Announces Details of Closing Financing
CBLT Announces Details of Closing Financing
Burlington, Ontario--(Newsfile Corp. - July 12, 2017) - CBLT Inc. (TSXV: CBLT) ("CBLT" or the "Company") announces details of
its recently closed financing. In press releases of June 26, 2017 and July 7, 2017 CBLT announced that it had closed on its
previously announced financing.
CBLT issued 4,710,000 flow-through units with each flow-through unit consisting of one flow-through share and one common
share purchase warrant exercisable at $0.12 per common share for a period of 18 months from the date of issue. The Company
received gross cash proceeds of $471,000 and incurred cash commissions in the amount of $18,970 and issued 189,700
broker warrants exercisable at $0.12 per unit for a period of 18 months from the date of issue.
CBLT also issued 1,475,000 units with each unit consisting of one common share and one common share purchase warrant
exercisable for a period of 18 months from the date of issue. The Company received gross cash proceeds of $118,000 and
incurred cash commissions of $8,260 and issued 103,250 broker warrants exercisable at $0.10 per unit for a period of 18
months from the date of issue.
The principal use of funds from the issue of flow-through units is to carry out exploration activities on the Company's properties in
Ontario and Quebec while the principal use of funds derived from the issue of units is for working capital purposes.
The units, flow-through units, and broker warrants were issued in several tranches during the period May 3, 2017 through June
28, 2017 and securities issued are subject to a four month resale restriction measured from the date of issue as set out in the
table below.
Number of securities
Date Securities are Free Trading
550,000
September 3, 2017
285,000
September 9, 2017
100,000
September 10, 2017
3,250,000
October 20, 2017
2,000,000
October 28, 2017
CBLT also advises that exploration activities continue on several of its properties and expects to release results of the soil
sampling and VLF survey at Chilton Cobalt later in July.
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and
its management.
Forward-looking statements are not historical facts but represent management's current expectation of
future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates",
"estimates", "continues" and similar expressions.
Although management believes that the expectations represented in such
forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could
cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If
and when forward-looking statements are set out in this new release, the Company will also set out the material risk factors or
assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, the
Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to
forward-looking statements may be influenced by many factors, including, but not limited to: reliance on key personnel; risks
of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; effect of market
interest rates on price of securities, and potential dilution.
About CBLT Inc.
CBLT Inc. is a Canadian mineral exploration company with a proven leadership team, looking to build an ethical supply chain for
cobalt in reliable mining jurisdictions. CBLT is well-poised to deliver real value to its shareholders.
On Behalf of the Board of Directors
CBLT INC.
"Peter M. Clausi"
Peter M. Clausi
CEO and Director
For Further Information:
Peter M. Clausi
1 905-681-1925 x2
1 416-890-1232
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.