First Cobalt (TSX-V:FCC, OTCQX:FTSSF) Corp. ended its second quarter with cash of $11.5 million and working capital of $14.7 million.
In a statement, the company also said it remains on schedule to commission its expanded refinery in the 4Q of 2022, at which time it will become the only refiner of battery-grade cobalt sulfate in North America and the second-largest outside of China.
Other highlights for the quarter ended June 30, 2021 include:
- Announced a US$45 million financing package comprising US$37.5 million of 6.95% senior secured convertible notes due December 1, 2026 and around US$7.5 million of common share equity offering. The financing package is subject to customary closing conditions and is expected to close on September 1, 2021;
- Glencore loan converted to common shares of First Cobalt (TSX-V:FCC, OTCQX:FTSSF) on April 7, 2021;
- Acquisition of the West Fork Property in Idaho to the west of the existing Iron Creek cobalt-copper deposit to expand the company's land position;
- Earn-in agreement on the Redcastle property located to the east of Iron Creek;
- Launched an at-the-market equity program (ATM Program) in February 2021 for the issuance of up to $10 million of common shares from the treasury;
- Issued a total of 1,588,500 common shares under the ATM Program at an average price of $0.3436 per share, providing gross proceeds of $529,396; and
- In July 2021, a further 435,000 common shares were issued under the ATM Program at an average price of $0.3230 per share, providing gross proceeds of $140,505.
Contact the author: patrick@proactiveinvestors.com
Follow him on Twitter @PatrickMGraham