TSX.V: CPO
VANCOUVER, Oct. 20, 2017 /CNW/ - Cobalt Power Group Inc.
(the "Company") (TSX.V: CPO) is pleased to announce that it
has closed its fully subscribed for non-brokered flow-through
private placement announced on October 12,
2017 for gross flow-through proceeds raised in the placement
of CDN $800,000.
The non-brokered flow-through private placement closed on
October 19, 2017 and consisted of the
placement of 5,000,000 flow-through shares at a price of
$0.16 per flow-through share.
As compensation for the placement of the units, Cobalt Power
paid cash finder's fees of $33,000
calculated at 6% of the amount placed by two (2) finders. In
addition, the Company issued to eligible finders 206,250 Broker
Warrants also calculated at 6% of the flow-through shares placed by
the eligible finders. Each Broker's Warrant is exercisable at
price of $0.16 to purchase one
additional common share of the Company for a period of two (2)
years from the date of closing of the Private Placement.
All securities issued by Cobalt Power pursuant to the offering
have been issued subject to a four month hold period expiring
February 20, 2018.
The proceeds of the Offering will be used by the Issuer for
exploration of present and future Canadian cobalt mineral
properties.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian
exploration company listed on the TSX-Venture Exchange (TSX-V: CPO)
focused on cobalt exploration and development.
On behalf of the Board of Directors
Dr. Andreas Rompel, President and
CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
We seek safe harbor.
The TSX Venture Exchange Inc. has in no way passed upon
the merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
News Release. WARNING: The Company relies on litigation protection
for "forward looking" statements. Actual results could differ
materially from those described in the news release as a result of
numerous factors, some of which are outside the control of the
Company. This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Cobalt Power Group Inc