/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES NEWSWIRES./
TSX.V: CPO
VANCOUVER, Aug. 31, 2017 /CNW/ - Cobalt Power Group Inc.
(the "Company") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to
announce that it has closed the private placement announced on
August 21, 2017 as a result of which
CPO has issued 4,886,538 units of CPO at a price of CDN$0.13 per unit to Hochschild Mining Holdings
Limited ("Hochschild"). Each unit consists of one common
share and one half of one non-transferrable share purchase warrant,
with each one warrant being exercisable to purchase one additional
common share of CPO over a period of two years from closing at a
price of CDN$0.30 per share.
The common shares forming part of the unit and any shares that
might be acquired on the exercise of warrants attached to the unit
have been or will be issued subject to a four month hold period
expiring December 26, 2017.
By virtue of the private placement Hochschild has received the
following additional rights:
- the right to option and joint venture one of CPO's properties
to be selected by Hochschild in its sole discretion on the terms
set out in CPO's news release of August 21,
2017.
- the right to appoint a director to the Board of CPO following
the closing and as long as Hochschild holds a minimum of 5% of the
issued and outstanding shares of CPO; and
- the right to top up its shareholder holdings in CPO in order to
maintain its percentage interest in the outstanding share capital
of CPO. The exercise of the top up right is optional and may
be exercised through further private placements to be made at a
price equal to the average 20 day volume weighted market price of
CPO's common shares as traded on the TSX Venture Exchange subject
to the application of the minimum pricing policies of the TSX
Venture Exchange.
The placement was closed after receipt of TSX Venture Exchange
conditional approval.
About Hochschild Mining Holdings Limited
Hochschild Mining Holdings Limited is a wholly owned subsidiary
of Hochschild Mining plc- both English companies. Hochschild
Mining plc is based in Lima, Peru
and currently trades on the London Stock Exchange. Hochschild
is a well-established senior mining company with over 60 years
operating experience in the Americas. It currently operates
four underground mines focused on the production of precious
metals, of which three are located in Peru and one in Argentina.
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 year, seeking cobalt mineralization near Cobalt, Ontario - a region with a long history
of silver and associated cobalt production. Property holdings total
863.6 hectares (2134 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.
Chris M. Healey, P. Geo, a
Director of Cobalt Power Group is the qualified person responsible
for the technical content of this release, and consents to its
dissemination.
On behalf of the Board of Directors
______________________________
Dr. Andreas Rompel, President and
CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
We seek safe harbor.
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.
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.
Cautionary Statement on Forward Looking
Statement
Certain information contained in this news release, including
information as to our strategy, projects, plans or future financial
or operating performance and other statements that express
management's expectations or estimates of future performance,
constitute "forward looking statements". Actual results may differ
materially from those indicated by such statements. All statements,
other than historical fact, included herein, are forward-looking
statements that involve various risks and uncertainties. There can
be no assurance that such statements will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such statements.
In connection with the forward-looking information contained in
this news release, CPO has made numerous assumptions. While CPO
considers these assumptions to be reasonable, these assumptions are
inherently subject to significant uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could
cause CPO's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information contained herein.
A more complete discussion of the risks and uncertainties facing
CPO is disclosed in CPO's continuous disclosure filings with
Canadian securities regulatory authorities at www.sedar.com. All
forward-looking information herein is qualified in its entirety by
this cautionary statement, and CPO disclaims any obligation to
revise or update any such forward-looking information or to
publicly announce the result of any revisions to any of the
forward-looking information contained herein to reflect future
results, events or developments, except as required by law.
SOURCE Cobalt Power Group Inc