First Cobalt Corp. has arranged a combined secured convertible debt and brokered equity financing package with an aggregate value of approximately (US)$45 million to finance the construction of its wholly-owned hydrometallurgical refinery in Ontario.
“This is one of our most important catalysts for the year, as this financing will allow us to advance construction of our Canadian battery material refinery,” said President and CEO Trent Mell. “Every director and officer is participating in the financing, underlining our confidence in our business strategy and strengthening our alignment with shareholders.
“Our vision is to be the most sustainable producer of battery materials, starting with North America’s only domestic supply of battery grade cobalt. Longer term, we are pursuing the creation of a Battery Park around our refinery, which would include battery recycling, nickel sulfate production and lithium-ion battery precursor manufacturing. We intend to capitalize on this first-mover advantage and leverage our position as an ultra-low carbon operation.”
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