VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 10, 2017) - International Cobalt Corp. (CSE:CO)(FRANKFURT:42L) (the "Company" or "International Cobalt") is pleased to announce subject to regulatory approval, a non-brokered private placement (the "Private Placement") of up to 15,000,000 units (the Units") of the Company at a price of $0.20 per Unit for gross proceeds of up to $3,000,000.00 (the "Offering"). Each Unit will consist of one (1) common share (the "Common Share") and one (1) transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one (1) additional Common Share of the Company at a price of $0.30 for a period of two (2) years from the closing date of the Offering.
The Company anticipates that there may be insider participation in the Offering.
Gross proceeds raised from the sale of the Units will be used for an initial exploration program on the Company's Blackbird project located in central Idaho, new property investigations and for general corporate purposes.
More information on the Blackbird Cobalt project by way of an investors presentation is available on the Company's website at www.internationalcobalt.com
The Company may pay a finder's fee on some of the gross proceeds to certain introducing parties in respect of the Offering, subject to compliance with applicable securities legislation and Canadian Securities Exchange policies.
The closing is subject to receipt of all necessary regulatory and Board approvals.
The Company also wishes to announce that it has commend trading on the Frankfurt Stock Exchange under symbol 42L.
On behalf of:
INTERNATIONAL COBALT CORP.
Timothy Johnson, President
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.