Go Cobalt Closes $500,000 Flow-through Financings
Vancouver, British Columbia--(Newsfile Corp. - December 24, 2018) - Go Cobalt Mining Corp. (CSE: GOCO) ("Go Cobalt" and/or the "Company") is pleased to announce that it has closed the previously announced non-brokered flow-through financings.
The Company has issued 1,111,111 "National" Units at $0.27 per National Unit, for gross proceeds of $300,000. Each National Unit consisted of one flow-through common Share and one non-flow-through share purchase Warrant; every two (2) Warrants shall entitle the holder thereof to acquire one Warrant Share of the Company at a price of $0.40 per Warrant Share for a period of two (2) years from closing.
The Company has also issued 666,666 Quebec Units at $0.30 per Quebec Unit, for gross proceeds of $200,000. Each Quebec Unit consisted of one flow-through common Share and one non-flow-through share purchase Warrant; every two (2) Warrants shall entitle the holder thereof to acquire one Warrant Share of the Company at a price of $0.40 per Warrant Share for a period of two (2) years from closing.
The gross proceeds from the sale of flow-through shares will be spent on exploration that will qualify as Canadian exploration expenses (CEE) and flow-through mining expenditures for purposes of the Income Tax Act (Canada), including a minimum of $200,000 in Quebec which is earmarked for the Company's recently acquired Barachois Vanadium Property.
The Company paid finders fees of $39,999.98 in cash and issued 142,222 Finders' Warrants to two arm's length parties. Two warrants are exercisable to acquire one additional common share in the capital of the Issuer at a price of $0.30 for a period of two years from closing.
All securities issued have a hold period expiring on April 21, 2019.
About Go Cobalt Mining Corp.
Go Cobalt is a Vancouver based mining exploration company. We develop exciting and relevant energy metal projects to help meet demand for a battery powered future.
For further information, please contact:
Scott Sheldon, President
This press release may include "forward-looking information" (as that term is defined by Canadian securities legislation), concerning the Company's business. Forward-looking information is based on certain key expectations and assumptions made by the Company's management, including future plans for the exploration and development of its mineral properties. Although the Company believes that such expectations and assumptions are reasonable, investors should not rely unduly on such forward-looking information as the Company can give no assurance they will prove to be correct. Forward-looking statements in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to publicly update any forward-looking information (whether as a result of new information, future events or results, or otherwise) other than as required by applicable securities laws.