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First Cobalt Corp. completes US$45 million combined debt and equity investment

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First Cobalt Corp.

On September 2, 2021, First Cobalt Corp., a company focused on building a hydrometallurgical refinery in Northern Ontario to sustainably produce battery materials, raised an aggregate of approximately US$45 million through a private placement of US$37.5 principal amount of senior secured convertible notes due 2026 to investors in the United States, and a concurrent public equity offering of common shares for gross proceeds of C$9.5 million (approximately US$7.5 million) under a prospectus supplement filed in Canada in order to proceed with construction of the refinery.

Fasken advised First Cobalt on corporate, securities, banking, finance, and tax matters with a team led by Brad Freelan, Tom Meagher, and Myroslav Chwaluk, and which included Dyna Zekaoui and Jake Woloshyn (corporate and securities), Martin Owusu (banking and finance), and Christopher Steeves (tax).


  • Ontario



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