Global Cobalt Announces Additonal Early Warrant Exercise and Agrees to Shares For Debt Settlement with A Service Provider
VANCOUVER, BC (DECEMBER 13TH, 2013)...Global Cobalt Corp. (TSXV:GCO) ("Global Cobalt" and/or the "Company") (TSXV:GCO) is pleased to report that on December 12th Euro Pacific Canada exercised 477,273 Warrants at a price of $0.14 per Common Share as part of a unit private placement that closed on July 26th, 2013. The exercise of these Warrants resulted in gross proceeds of $66,818 to Global Cobalt.
The proceeds from the early exercise of the Warrants will be used for general working capital purposes.
The Company would also like to announces that Dig Media, a service provider (the "Service Provider") to the Company, entered into an agreement on December 9th, 2013 with Global Cobalt to accept shares in lieu of cash for the repayment of outstanding fees totaling $26,040 of services (the "Services") owed to them. The Service Provider will receive a total of 113,217 common shares of the Company at a price of $0.23 per share as payment of the Services (the "Service Settlement").
All of the common shares to be issued in connection with the Service Settlement are being issued to preserve cash committed to project development and working capital.
The Service Settlement is subject to the acceptance of the TSX Venture Exchange.
Global Cobalt Corp. is a Canada-based strategic metals company focused on the development of a new mining region in the Republic of Altai. Global Cobalt will build upon the success of the Altai Projects while aggressively expanding and exploring existing properties to meet the demand for cobalt and other strategic metals.
For Further Information:
Mr. Mitchell Smith, Corporate Development
Suite 1510-1050 West Pender Street
Vancouver, BC V6E 3T4
Tel: +1 (604) 688-4219
Fax: +1 (604) 688-4215
Email: info@globalcobaltcorp.com
TSXV:GCO; FRA:3P0; CUSIP:37890F
Cautionary Statement on Forward-Looking Information: The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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