https://www.miningweekly.com
Manufacturing|Refinery|Refining|Manufacturing
Manufacturing|Refinery|Refining|Manufacturing
manufacturing|refinery|refining|manufacturing-industry-term

First Cobalt upsizes placement, stock jumps

3rd February 2020

By: Creamer Media Reporter

     

Font size: - +

Toronto-headquartered cobalt company First Cobalt has upsized its previously announced nonbrokered private placement to accommodate demand.

The offering increased from 10 715 000 units at C$0.14 a share, for gross proceeds of up to C$1.5-million, to 14 300 000 units at the same price, for C$2-million in proceeds.

The offering is expected to close on February 5, First Cobalt said in a statement on Friday. The company’s stock jumped 7% to C$0.15 a share.

Glencore-backed First Cobalt owns North America's only permitted cobalt refinery, which the company aims to restart this year. It has secured agreements under which Glencore would supply cobalt feedstock to the plant, with initial production targeted of about 2 000 t/y to 2 500 t/y.

Cobalt refining is a critical component to the development and manufacturing of batteries for electric vehicles. The Democratic Republic of Congo, the world’s largest producer of cobalt, last week moved to monopolise about 255 of all cobalt exports.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Projects

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.127 0.161s - 92pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: