First Cobalt Corp (TSXV: FCC) late last night announced that it will be undertaking an at the market offering, as well as accelerating the expiry of certain warrants. The financing itself will see the company raise up to $10.0 million in gross proceeds.
The financing announced will see the company sell its shares directly on the market over the course of the coming months, to raising gross proceeds of $10.0 million. The ATM is being facilitated by that of Cantor Fitzgerald, with the financing slated to expire once fulfilled, or December 26, 2022, whichever comes first.
Proceeds from the financing are to be used for the development of the firms refinery project in Ontario, as well as for general corporate purposes.
Also announced this morning is that the company is accelerating warrants issued in connection with financings that occurred in March 2019 and February 2020. The trigger was met after the company traded above $0.37 for a period of ten consecutive trading days on a volume weighted basis.
There are currently 3.0 million warrants outstanding from 2019 with an exercise price of $0.27, and 5.6 million with an exercise price of $0.21 per share that now have twenty calendar days to be exercised before expiring. Both sets of warrants will now expire March 15, 2021.
First Cobalt last traded at $0.415 on the TSX Venture.
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