Cobalt Power announces closing of $1.1 MM Private Placement
Cobalt Power announces closing of $1.1 MM Private Placement
TSX.V: CPO, Pink Sheets: CBBWF
VANCOUVER, March 7, 2018, Cobalt Power Group Inc. (“Cobalt Power” or the "Company") (TSX.V:
CPO) is pleased to announce it has closed a non-brokered private placement for aggregate gross
proceeds of $1,116,000 through the issuance and combination of (i) 2,800,000 units (“Units”) of
the Company at a price of $0.22 per Unit for gross proceeds of $616,000. Each Unit consists of
one common s hare (a “ Common Share”) of the Company and one -half of one Common Share
purchase warrant (each whole warrant, a “ Warrant”). Each Warrant entitles the holder thereof
to purchase a Common Share at an exercise price of $0.35 for a period of two (2) years following
the date of issuance; and (ii) 2,000,000 flow-through common shares (“FT Shares”) at a price of
$0.25 per FT Share for gross proceeds of $500,000.
The Company paid a cash commission of $60,360, equal to 6% of the proceeds raised from
subscribers introduced to the Company by finders and 258,000 broker warrants, equal to 6% of
the Units issued pursuant to the offering.
Closing of the offering is subject to receipt of all necessary corporate and regulatory approvals,
including the approval of the TSX-Venture Exchange. All securities issued in connection with the
offering are subject to a hold period of four months plus a day from the date of issuance and the
resale rules of applicable securities legislation. Proceeds of the o ffering will be used for general
working capital purposes.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian exploration company listed on the TSX -
Venture Exchange and U.S. Pink Sheets (TSX-V: CPO, OTC Pink: CBBWF) focused on cobalt
exploration and development. The Company has made a series of strategic property acquisitions
over the past two years, seeking cobalt mineralization near Cobalt, Ontario, a region with a long
history of silve r and associated cobalt production. Property holdings total approximately 8,736
hectares (21,600 acres) in contiguous and strategic claim blocks. There are several historic mining
operations on the properties that are potentially accessible, including the Smith Cobalt shaft and
its underground workings.
www.cobaltpowergroup.com
We seek safe harbor.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction
and has neither approved nor disapproved the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy
or accuracy of the content of this News Release. WARNING: The Company relies on litigation
protection for "forward looking" statements. Actual results could differ materially from those
described in the news release as a result of numerous factors, some of which are outside the
control of the Company. This news release does not constitute an offer to sell or a solicitation of
an offer to sell any of the securities in the United States. 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 and may not be offered or sold within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
SOURCE Cobalt Power Group Inc
View original content with multimedia:
http://www.newswire.ca
For further information:
Dr. Andreas Rompel, Director
Telephone: 604-620-7737
The company's profile may also be viewed on www.sedar.com.
CO: Cobalt Power Group Inc