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Cobalt 27 ups proceeds from C$85M to C$97.8M with full overallotment exercise

Cobalt 27 Capital Corp. on Dec. 22 announced the full exercise of the overallotment option related to its recent bought-deal offering, increasing gross proceeds to C$97.8 million.

The company outlined plans earlier in the month to raise C$85 million in an agreement with a syndicate of underwriters. The deal included an overallotment option for up to an additional 1,215,000 shares at the same price of C$10.50 apiece.

Cobalt 27 plans to use a portion of the proceeds to purchase up to 720 tonnes of physical cobalt.