Pacific Rim Cobalt Closes Second and Final Tranche of Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES
VANCOUVER, British Columbia, Jan. 23, 2018 — Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE:BOLT) (FRANKFURT:NXFE) (OTCQB:PCRCF) announces that the Company completed the second tranche of a nonbrokered private placement (the “Offering”) generating gross proceeds of $253,750, through the issuance of 338,332 units (each a “Unit”) at $0.75 per Unit. In aggregate, the first and second tranche of the Offering raised total gross proceeds of $3,854,951 through the issuance of 5,139,934 Units.
Each Unit entitles the holder to receive one common share of the Company (each a “Common Share”) plus one transferable share purchase warrant, each warrant (a “Warrant”) entitling the holder to acquire one common share of the Company at an exercise price of $1.00 per share until January 19, 2020, subject to accelerated expiry provisions whereby if the closing price of the Company’s common shares exceeds $1.50 per share for a period of 20 consecutive trading days, at the Company’s election, the 24 month period within which the Warrants are exercisable will be reduced and the holders of the Warrants must exercise their Warrants within a period of 30 days commencing on the day the Company provides notice of same.
The Company paid a 1% cash commission on certain subscriptions under the second tranche of the Offering.
The net proceeds of the Offering will be used to fund development of the TNM cobalt property, and for general working capital purposes during the ensuing twelve-month period.
The securities issued pursuant to the Offering bear a “hold period” expiring four months and a day from closing in accordance with applicable securities laws.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian-based exploration company focused on the acquisition and development of production grade cobalt deposits, a key raw material input for the growing lithium-ion battery industry.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
Steve Vanry – CFO & Director
Sean Bromley – Director & Investor Contact
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
photo credit: Pacific Rim Cobalt