Cruz Cobalt Closes Non-Brokered Private Placement of $450,000 Overnight - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - December 28, 2017) - Cruz Cobalt Corp. (TSXV: CUZ) (OTC Pink: BKTPF) (FSE: BR02) has closed its latest private placement within a day of its announcement. The non-brokered private placement raised gross proceeds of $450,000 through the issuance of 2 million units at $0.225 per unit. Each unit consisted of one share and one warrant, with the warrant exercisable at $0.30 for 24 months.
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The shares are trading at $0.27 and with 69.4 million shares outstanding, prior to this private placement, the company is capitalized at $18.7 million.
James Nelson, President, stated, "We are very pleased to be able to close this placement in such a short period of time. The demand for cobalt globally has never been higher. Yesterday President Trump announced that the USA wants to source domestic battery metals such as lithium and cobalt and avoid foreign imports. This is a very positive step as Cruz has projects in Canada as well as in Idaho and Montana. We plan to be active on both of the USA Cobalt projects in 2018. We are very optimistic about 2018 as we leave 2017 with more cash in the bank than any other time and cobalt prices at nine-year highs."
As an early mover in the Cobalt space Cruz was able to acquire 9 of the best available, under-developed, historically high-grade Cobalt prospects across North America, with four properties in Ontario, three in British Columbia, and 2 in the United States.
Cruz's four separate Ontario cobalt prospects are all located in the vicinity of the town of Cobalt making Cruz one of the largest landholders in this emerging cobalt district. Cruz's Ontario projects include the 1,265-acre Coleman cobalt prospect, the 900-acre Johnson cobalt prospect, the 4,980-acre Hector cobalt prospect and the 1,580-acre Bucke cobalt prospect.
The company's 4,935-acre War Eagle cobalt prospect in British Columbia covers a past-producing mine.
Management expects to commence exploration on this property shortly, utilizing the flow through funds already on hand to fully assess this property.
Cruz has recently mobilized crews and commenced work programs on its 100-per-cent-owned 1,940-acre Chicken Hawk cobalt prospect in Montana, USA. The company has also recently mobilized crews and commenced work programs on its 100-per-cent-owned 880-acre Idaho Star cobalt prospect.
Colin Hamilton, BMO Capital Markets Analyst, recently stated: "Even without EV demand, cobalt is a tight market. Without demand adjustment through substitution and thrifting, we would foresee a 60% rise in cobalt demand to 2025. A doubling of the cobalt spot price over the coming couple of years is not out the question, while we raise our long-term price to $22.5/lb."
For more information, please visit www.cruzcobaltcorp.com, contact James Nelson, President, at 604-899-9150 or toll free at 1-855-599-9150 or email info@cruzcobaltcorp.com.
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