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 January 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 month hold period expiring
May 11, 2018.
The non-brokered private placement received substantial 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 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.
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
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
