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Cobalt 27 raising C$85M to purchase physical cobalt

Cobalt 27 Capital Corp. entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc. and Scotiabank to raise around C$85 million via a bought-deal offering.

The company will issue 8,100,000 shares at C$10.50 apiece under the offering, it said Dec. 7.

The underwriters have been granted an overallotment option, exercisable for up to 30 days following the closing, to purchase up to an additional 1,215,000 shares at the same issue price.

The company plans to use the net proceeds to purchase up to 720 tonnes of physical cobalt currently under option for a total purchase price of around US$58 million, or at an average price of US$36.39 per pound of cobalt.

Cobalt 27's management is of the view that the acquisition of additional physical cobalt will further strengthen the company's balance sheet and reduce its cost of capital in advance of potential streaming investment opportunities in 2018.

The financing is expected to close by Dec. 19.