back Global Cobalt Announces Over-Subscription; Increases Offering Size
December 17, 2013 | Category: Press ReleasesVANCOUVER, BC (DECEMBER 17TH, 2013) ... GLOBAL COBALT CORP. (TSXV:GCO) ("Global Cobalt" and/or the "Company") (TSXV:GCO) is pleased to announce that its previously disclosed non-brokered private placement offering (the "Offering") of units (the "Units") of the Company, as described in the press release dated December 16th, 2013, has been oversubscribed and announces today that the Company will increase the size of the offering to issue up to a total of 11,250,000 Units at a price of $0.20 per Share to raise gross proceeds of up to $2,250,000.
It is expected that insiders of Global Cobalt including their largest shareholder, Imperial Mining Holding Limited, ("IMHL") will be subscribing for Shares in the Offering on the same terms as arm's length investors. IMHL shareholders include the European Bank for Reconstruction and Development, amongst others.
All conditions previously announced will remain the same in the revised offering. The net proceeds of the Offering will be used for Karakul exploration and general working capital. The Shares will be subject to a hold period of four months and one day from the date of distribution under applicable securities laws and TSX Venture Exchange ("TSXV") rules.
The Offering is subject to the receipt of all required regulatory approvals, including the approval of the TSXV.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.
For Further Information:
Mr. Mitchell Smith, Corporate Development
Suite 1510-1050 West Pender Street
Vancouver, BC V6E 3T4
Tel: +1 (604) 688-4219
Fax: +1 (604) 688-4215
TSXV:GCO; FRA:3P0; CUSIP:37890F
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.