Cobalt Power Group closes non-brokered private placement
Cobalt Power Group closes non-brokered private placement
TSX.V: CPO
VANCOUVER, Jan. 11, 2018 /CNW/ - Cobalt Power Group Inc. (the "Company") (TSX.V: CPO) is
pleased to announce that, pursuant to a price reservation and conditional acceptance by the TSX Venture
Exchange, it has closed a non-brokered private placement of 13,640,000 units for gross proceeds of
CDN$1,500,400.
The non-brokered private placement closed on Januar y 10, 2018, and consisted of the placement of
13,640,000 units at a price of $0.11 per unit. Each unit consisted of one common share of the Company
and one-half transferable share purchase warrant with one full warrant entitling the holder to purchase
one additional common share of the Company at a price of $0.28 for a period of two (2) years following
the date of closing.
As compensation for the placement of the units, Cobalt Power has agreed to pay finder's fees equal to
$79,920 calculated at 6% of the amount placed by one (1) finder. The finder has opted to convert his cash
commissions into shares of Cobalt Power at a price of $0.32 per share for a total of 249,750 common
shares of the Company, subject to TSX Venture Exchange approval.
All securities issued by Cobalt Power pursuant to the offering have been issued subject to a four mont h
hold period expiring May 11, 2018.
The non-brokered private placement received substan tial interest resulting in an oversubscription,
whereby some of the subscriptions were not filled and some were reduced from the original amount. Due
to this demand, management opted out of participating.
The proceeds will be used to advance the Company's cobalt properties, including properties recently
gained through the acquisition of Canadian Cobalt Projects Inc. and additional cobalt exploration
opportunities resulting from that acquisition.
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 silver and associated cob alt
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.
On behalf of the Board of Directors
Dr. Andreas Rompel, President and CEO
Cobalt Power Group Inc.
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 disapprove d 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. WARNI NG: 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. Securi ties
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/en/releases/archive/January2 018/11/c5960.html
%SEDAR: 00029608E
For further information: please contact Daniel Caamano, VP Corporate Commun ications or Judy A.
McCall, Corporate Secretary at: 604.620.7737. The c ompany's profile may also be viewed on
www.sedar.com.
CO: Cobalt Power Group Inc
CNW 06:00e 11-JAN-18