For complete details of the condensed interim consolidated financial statements and the associated management's discussion and analysis, please refer to the Company's filing on SEDAR (www.sedar.com) or the Company's website (www.firstcobalt.com).
The Company remains on schedule to commission its expanded refinery in the fourth quarter 2022, at which time it will become the only refiner of battery-grade cobalt sulfate in
Highlights
-
Cash of
$11.5 million and working capital of$14.7 million as ofJune 30, 2021 -
Announcement of an approximate
US$45 million financing package comprisingUS$37.5 million of 6.95% senior secured convertible notes dueDecember 1, 2026 and approximatelyUS$7.5 million of a common share equity offering. The financing package is subject to customary closing conditions and is expected to close onSeptember 1, 2021 -
Glencore loan converted to common shares of
First Cobalt onApril 7, 2021 -
Acquisition of the West Fork Property in
Idaho ,United States to the west of the existingIron Creek cobalt-copper deposit to expand the Company's land position. An earn-in agreement on the Redcastle property located to the east ofIron Creek was also announced during the quarter.
The Company launched an at-the-market equity program (the "ATM Program") in
During
About
On behalf of
President & Chief Executive Officer
Neither
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for
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