Cobalt Blockchain Announces Private Placement

COBALT BLOCKCHAIN ANNOUNCES PRIVATE PLACEMENT

TORONTO, ONTARIO (December 23, 2019) – Cobalt Blockchain Inc. (“COBC” or the

"Company") (TSX-V: COBC; OTCQB: COBCF) is pleased to announce that it is working

towards the completion of the previously announced private placement offering (the "Offering")

through the issuance of units ("Units") at a price of $0.05 per Unit raising gross proceeds of

$1,000,000, subject only to final approval of the TSX Venture Exchange. The placement is

unbrokered.

Each Unit issued pursuant to the Offering consists of one common share in the capital of the

Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each

Warrant entitles the holder thereof to purchase one additional Common Share at a price of $0.20

for a period of two years from the date of its issuance.

The Company intends to use the net proceeds of the Offering to fund i) exploration work on its

joint venture properties, ii) commissioning of the hydroxide plant in Democratic Republic of

Congo and securing adequate feed material for the plant, and iii) for working capital and general

corporate purposes.

The securities issued in connection with the Offering are subject to a statutory four-month hold

period from the date of issuance i.e. the hold periods expire four months and one day from their

respective dates of issuance.

This press release does not constitute an offer to sell or solicitation of an offer to sell any of the

securities. The securities have not been and will not be registered under the United States

Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws.

About Cobalt Blockchain Inc.

Cobalt Blockchain Inc. (TSXV:COBC) is a Canadian resource company expanding its

exploration and development business to include cobalt assets in the Democratic Republic of the

Congo (“DRC”); it holds export trading licenses for 3T, copper and cobalt from the DRC. COBC

is the first mining and mineral trade company set up specifically to procure cobalt in compliance

with the Organisation for Economic Co-operation and Development (“OECD”) due diligence

framework. COBC has developed and is implementing a blockchain-based reporting platform to

provide greater certainty of provenance and further assurance that all minerals procured are

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ethically-sourced. Senior management have over twelve years of experience working in the DRC

and a proven international track record in exploration success and the trading of certified

conflict-free, child-labour-free minerals.

For additional information, please contact:

Lance Hooper, President and Chief Operating Officer

Cobalt Blockchain Inc.

Telephone: +1-416-500-3670

Email: [email protected]

Website: www.cobc.co

Forward-Looking Information

This release includes certain statements that may be deemed "forward -looking statements". All statements in this

release, other than statements of historical facts, that address future production, reserve potential, exploration

drilling, exploitation activ ities and events or developments that the Company expects are forward -looking

statements. Although the Company believes the expectations expressed in such statements are based on reasonable

assumptions, such statements are not guarantees of future performa nce and actual results or developments may

differ materially from those in the statements. There are certain factors that could cause actual results to differ

materially from those in forward -looking statements. These include market prices, exploitation an d exploration

successes, continued availability of capital and financing, and general economic, market or business conditions.

Investors are cautioned that any such statements are not guarantees of future performance and actual results or

developments may differ materially from those projected in the forward -looking statements. For more information

on the Company, investors should review registered filings at www.sedar.com.

Neither the TSX Venture Exchange nor its Regu lation 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.