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Global Cobalt raises more funds than planned for exploration at Werner Lake, Iron Creek

Last updated: 18:29 01 Dec 2014 GMT, First published: 19:29 01 Dec 2014 GMT

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Global Cobalt (CVE:GCO) (OTCBB:GLBCF) has completed an oversubscribed private placement financing for a total of C$155,750, the company said. It initially announced in late November plans to raise up to C$150,000.

It issued 3.12 million units at a price of 5 cents apiece with each unit made up of one common share and one share purchase warrant. Every warrant entitles the holder to acquire an additional share for a period of two years following the closing date, at a price of 6.5 cents.

The company said the new funds will be used for work on its Werner Lake cobalt project, and its newly acquired Iron Creek cobalt project in Idaho, as it looks to become a Global Cobalt producer.

Global Cobalt is focused on developing its advanced-stage Karakul cobalt project in Russia, but recently expanded its horizons by acquiring the Iron Creek cobalt property, giving it a foothold in the famed Idaho Cobalt Belt.

The company's chief executive says the move was borne partly from a response to concerns of shareholders, who were worried about its significant Russian exposure. As a result, it has reached out to bring in new projects, while continuing to maintain Karakul.

Amid this backdrop, Global Cobalt also owns the Werner Lake cobalt property in northwestern Ontario, and is looking to bring in other projects to achieve its primary goal of becoming a consolidator.

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