Toronto-headquartered First Cobalt has upsized its bought-deal offering to C$8.5-million, with the proceeds set to be used for its cobalt refinery in Ontario.
The company entered into an amended agreement with lead underwriter and sole bookrunner Eight Capital to purchase 27.42-million units on a bought-deal basis at C$0.31 an unit.
Earlier this week, First Cobalt announced long-term cobalt hydroxide feed arrangements with Glencore and IXM, which will provide 4 500 t/y of contained cobalt to the refinery.
Once operational, the First Cobalt refinery will be North America’s only producer of cobalt sulphate for the electric vehicle market.