First Cobalt advances debt financing
TORONTO, March 30, 2021 / CNW / – First Cobalt Corp. (TSXV: FCC) (OTCQX: FTSSF) (the “Company”) is pleased to announce that it has entered into an exclusive agreement with a leading financial institution (the “Lender”) for US $ 45 million in debt financing to finance the capital cost associated with the re-commissioning and expansion of the first cobalt refinery. The exclusivity period provides the basis on which the lender will fulfill its remaining due diligence obligations before negotiating final documentations.
The funding process, which is being led by CIBC Capital Markets, is expected to be completed before a formal construction decision is announced. In december 2020, the government of Canada and the government of Ontario announced a joint $ 10 million investment in first cobalt refinery to accelerate commissioning and expansion.
The authorization remains on schedule, supporting a start of construction in mid-2021. The Company’s strong cash position supported pre-construction activities, including procurement activities for long-term equipment orders.
Trent Mell, President and CEO, said:
“We are on track to meet our target of starting construction in mid-2021 and full commissioning in the second half of 2022. Progressing to an exclusivity phase for a royalty-free, flow-free debt facility is a positive step. key step in securing the remaining capital needed to restart the first cobalt refinery and brings us one step closer to our vision of producing the most sustainable cobalt in the world. “
About First Cobalt
First Cobalt’s mission is to be the most sustainable producer of battery materials. The Company owns North America the only authorized cobalt refinery, an essential asset in the development and manufacture of batteries for electric vehicles. First Cobalt owns the Iron Creek cobalt-copper project at Idaho, United States as well as several important properties of cobalt and silver in the Canadian cobalt camp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This press release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, to the Except for statements of historical fact, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terms such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations. of these words, or statements that certain actions, events or results “may”, “could”, “would”, “could”, “occur” or “be achieved”. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities Factors that could cause actual results to differ materially from these forward-looking statements are set out in the MD&A and analysis and other disclosures of risk factors for First Cobalt, filed on SEDAR at www.sedar.com. Although First Cobalt believes the information and assumptions used in preparing forward-looking statements are reasonable, no undue reliance should be placed on such statements, which speak only as of the date of this press release, and no Assurance cannot be given that such statements events will occur within the disclosed time frame or not at all. Except as required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE First Cobalt Corp.
For more information: For more information, visit www.firstcobalt.com or contact: Investor Relations, Cora Klein, [email protected], +1.416.900.3891