Bankers Cobalt Corp. Announces Closing of CAD $7.0 Million Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 14, 2017) -
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Bankers Cobalt Corp. (TSX VENTURE:BANC) (the "Corporation" or "Bankers") announces the closing of its non-brokered private placement previously announced in the Corporation's news release dated November 16, 2017 (the "Financing"). Due to heavy demand, Bankers increased the financing from 15,000,000 units for aggregate proceeds of CAD $6,000,000 to 17,500,000 units for aggregate gross proceeds of CAD $7,000,000. Each unit was priced at CAD $0.40 and consisted of one common share of the Corporation and one common share purchase warrant (a "Warrant"). Each Warrant is exercisable into one common share of the Corporation at an exercise price of CAD $0.60 per common share for a period of three years from the date of issuance.
In connection with the Financing, the Corporation paid cash finders' fees to certain finders totaling CAD $430,630 and granted a total of 1,233,750 warrants (each, a "Finder's Warrant"). Each Finder's Warrant is exercisable into one common share of the Corporation at an exercise price of CAD $0.60 per common share for a period of three years from the date of issuance.
The proceeds from the Financing will be used to fund the exploration and development of the Corporation's mineral concessions in the Democratic Republic of the Congo (the "DRC"), the acquisition of interests in additional mineral concessions and for general working capital purposes.
The securities issued pursuant to the Financing are subject to a hold period under applicable securities laws, which will expire four months plus one day from the date of closing of the Financing.
Stephen Barley and Kevin Torudag from Bankers stated, "We appreciate the continuing support from the investment community and our shareholders. Even with the increase in the private placement to CAD $7,000,000, the offering was over-subscribed. These funds will allow Bankers to aggressively continue with our ongoing exploration activities in the DRC."
About Bankers
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC. Bankers holds rights to 14 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area in excess of 210 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 14 concessions capable of being currently explored and developed. Bankers has an experienced operations team operating in the southern Copperbelt of the DRC. Bankers believes it is one of the front runners in advancing cobalt and copper exploration by a junior mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
Stephen Barley, President & CEO
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the outlook of the business of the Corporation, including statements relating to the Corporation's use of proceeds from the Financing, the exercise of share purchase warrants, the outlook of the Corporation's business, the Corporation's intention to acquire additional concessions, the Corporation's ability to explore and develop the concessions and the results of any development and exploration. Although the Corporation believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The Corporation does not undertake to update any forward-looking statements or forward-looking information that is incorporated by reference herein, except as required by applicable securities laws.