First Cobalt Corp (CVE:FCC) (OTCQX:FTSSF) (FRA:18P) said Tuesday it had received a further C$1.92 million in cash from an accelerated warrant exercise and that Cora Klein has joined the company as head of investor relations.
Experienced executive Klein will be responsible for communicating the company's strategy as it enters the construction phase for expansion and recommissioning of its Canadian cobalt refinery, the company said.
READ: First Cobalt completes its Cobalt Camp transaction with Kuya Silver
"We are pleased to welcome Cora to the team. Her experience across different industries and with a global investor base will serve us well as we work towards a greener future powered by electric vehicles," said Trent Mell, CEO at First Cobalt.
Under the terms of warrants issued as part of placings in 2019 and last year, the company provided holders with notice that it would accelerate the expiry date to March 15, 2021.
At the time of the notice, there were 5,604,561 warrants outstanding at a strike price of C$0.21 per share. All warrants were exercised prior to the expiry deadline for gross proceeds of C$1,176,957.
Additionally, at the time of the notice, there were 2,957,482 warrants outstanding at a strike price of C$0.27 per share, and 2,757,482 warrants were exercised prior to the expiry deadline for gross proceeds of C$744,520. The remaining warrants have been cancelled.
First Cobalt owns North America's only permitted cobalt refinery, which is key to the development and manufacturing of batteries for electric vehicles (EVs).
The company owns the Iron Creek cobalt-copper project in Idaho, US and also controls significant silver and cobalt assets in the Canadian Cobalt Camp, including more than 50 past-producing mines.
Contact the author at giles@proactiveinvestors.com