By Devika Patel
Knoxville, Tenn., June 1 - Cobalt Coal Corp. said it plans a C$2 million private placement of units. There is a C$1 million greenshoe.
The company will sell 11,764,705 units at C$0.17 apiece on a best-efforts basis. Each unit consists of one common share and a warrant. Each warrant is exercisable at C$0.25 for two years.
Northern Securities Inc. is the agent. Settlement is expected June 25.
Proceeds will be used for the acquisition of property, plant and equipment, expansion of production capacity at the company's Westchester Mine and general corporate and working capital purposes.
Based in Calgary, Alta., Cobalt Coal is engaged in mining, quarrying, and oil and gas extraction.
| Issuer: | Cobalt Coal Corp.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$2 million
|
| Greenshoe: | C$1 million
|
| Units: | 11,764,705
|
| Price: | C$0.17
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.25
|
| Agent: | Northern Securities Inc.
|
| Pricing date: | June 1
|
| Settlement date: | June 25
|
| Stock symbol: | TSX Venture: CBT
|
| Stock price: | C$0.16 at close May 31
|
| Market capitalization: | C$8.06 million
|
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