SHARE PLACEMENT AND NON-RENOUNCEABLE RIGHTS ISSUE

N27 IC ASX SNETT ANNOUNCE WEB

 

Executive Summary:

  • Northern Cobalt is pleased to announce a share placement raising $450,000 and a 1-for-3 non-renounceable rights issue at 5 cents per share to raise up to $1.04 million.

  • Participants in the placement and rights issue may be eligible for the Junior Minerals Exploration Incentive (JMEI). The JMEI entitles some investors to a refundable tax offset of up to 30% of their investment in this capital raise available in the 2018/19 income tax return.

  • For every two new shares issued under the placement and rights issue, subscribers will also receive one new option with an exercise price of 10 cents and an expiry of 30 June 2022 quotation to be sought for placement and rights issue options and shareholder approval required for placement options.

  • Eligible Northern Cobalt shareholders will be given the opportunity to apply for additional shares in excess of their entitlements.

  • Net proceeds together with existing cash reserves will fund exploration to develop drill-ready targets on the Company’s Snettisham project in Alaska and Wollogorang project in the NT.