First Cobalt Corp.’s $45 Million Combined Debt and Equity Investment

Fasken Martineau DuMoulin LLP advised First Cobalt on the transaction.

On September 2, 2021, First Cobalt Corp., a company focused on building a hydrometallurgical refinery in Northern Ontario to sustainably produce battery materials, raised an aggregate of approximately US$45 million through a private placement of US$37.5 principal amount of senior secured convertible notes due 2026 to investors in the United States, and a concurrent public equity offering of common shares for gross proceeds of C$9.5 million (approximately US$7.5 million) under a prospectus supplement filed in Canada in order to proceed with construction of the refinery. 

First Cobalt Corp. (TSX-V:FCC; OTCQX:FTSSF) is a North American battery materials company with leading ESG credentials that is currently expanding and recommissioning North America’s only permitted refinery capable of producing battery grade cobalt. 

Fasken advised First Cobalt with a team led by Brad Freelan (Picture), Tom Meagher, and Myroslav Chwaluk, and which included Dyna Zekaoui and Jake Woloshyn (corporate and securities), Martin Owusu (banking and finance), and Christopher Steeves (tax).

Involved fees earner: Dyna Zekaoui – Fasken Martineau; Myroslav Chwaluk – Fasken Martineau; Bradley Freelan – Fasken Martineau; Thomas Meagher – Fasken Martineau; Martin Owusu – Fasken Martineau; Christopher Steeves – Fasken Martineau; Jake Woloshyn – Fasken Martineau;

Law Firms: Fasken Martineau;

Clients: First Cobalt Corp.;

Martina Bellini

Author: Martina Bellini