Cruz Cobalt Corp. (TSX-V:CUZ) has raised US$450,000 through the issue of two million units in a private placement.
The company closed the private placement within a day of its announcement.
President James Nelson said: “We are very pleased to be able to close this placement in such a short period of time. The demand for cobalt globally has never been higher.”
He added that US President Donald Trump’s announcement that the US wants to source domestic battery metals such as lithium and cobalt and avoid foreign imports is a “very positive step” as Cruz has projects in Idaho and Montana.
The group plans to be active on both US Cobalt projects in 2018, he said.
“We are very optimistic about 2018 as we leave 2017 with more cash in the bank than any other time and cobalt prices at nine-year highs."