The individual will also be participation in a separate offering of 11 subscription rights. Each subscription right allows the holder the right to purchase up to $250,000 of units (a "Subscription Right Unit") at 20% below 30-calendar-day VWAP not to exceed 25% discount to previous day's close. Each Subscription Right Unit will consist of 1 common share and 1 common share purchase warrant struck at 20-day VWAP + 20%. The subscription rights will expire at a rate of 1 subscription right per month at the end of each month, starting 60 days from closing of the offering. Upon notice to the holder, the Company may limit any individual subscription right to $125,000. Neither the subscription rights nor the warrants comprising the Subscription Right Units can be exercised in the event that said exercise would put the holder over 9.9% ownership.
The Company will pay a finder's fee, at the closing of the Offering and subsequent subscription rights closings, subject to TSXV acceptance, a fee consisting of a cash payment equal to 8% of the gross proceeds raised from and transferable share purchase warrants of the Company (the "Finder's Warrants") to the Finder equal to 8% of subscriptions in the Offering and subsequent subscription rights closings from persons introduced to the Company by the Finder. Each Unit is comprised of one common share of the capital of the Corporation (a "Common Share") and one warrant (a "Warrant") on the same terms as the Offering, or subscription rights.
In addition, the Company will be offering an additional 1,136,334 Units with other subscribers at a price of $0.11 per Unit for additional gross proceeds of $125,000.
All securities issued in connection with the Offering will be subject to a four month hold period from the date of issuance in accordance with applicable securities law. The closing of each offering is subject to receipt of TSX approval.
Global Cobalt Corporation:
Global Cobalt Corporation is a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt will build upon the success of the Altai Projects while aggressively expanding and exploring existing properties to meet the demand for cobalt and other strategic metals.
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
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.
Global Cobalt Corporation
Mr. Mitchell Smith
+1 (604) 688-4219
+1 (604) 688-4215 (FAX)
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- General Motors Names Mary Barra as First Female CEO
- Cold Dis-comfort: Antarctica Set Record of -135.8
- Obama Delivers Speech at Mandela Memorial: Transcript
- Uruguay Gets Ready for Legal Marijuana
- Oldaker Takes Center Stage at Entrepreneur Awards
- Slow Week Ahead of December FOMC Meeting
- Hispanics Seek to Grow School Board Members
- Russia Says Nyet to Canada North Pole Claim
- 'Knockout Game': Myth or Menace?