VANCOUVER, BC (NOVEMBER 27th, 2013)...GLOBAL COBALT CORP. (TSXV:GCO) ("Global Cobalt" and/or the "Company") (TSXV:GCO) is pleased to announce that a shareholder has exercised 1,136,364 warrants (the "Warrants") into shares of the Company's common stock at a price of $0.14 per common share. The Warrants, which had an expiration of July 26th 2015, were issued by the Company as part of a unit private placement financing that closed on July 26th, 2013. Total proceeds from the early exercise of these Warrants resulted in gross proceeds of $159,090 to Global Cobalt.
The exercise of the Warrants has improved Global Cobalt's balance sheet and provides the Company with additional operational and financial flexibility necessary to facilitate the Company's execution of priority initiatives.
Erin Chutter, President and CEO commented, "This warrant exercise is another milestone for the company and further demonstrates shareholder support in Global Cobalt, our management team and the Company's commitment to advancing the Karakul Cobalt Project. We are pleased by this vote of confidence that recent achievements made at Karakul are not going unnoticed by the investment community."
Global Cobalt Corporation 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: [email protected]
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.