October 19, 2017, Vancouver, British Columbia, Canada: International Cobalt Corp. (the “Company” or “International Cobalt”) is pleased to announce that the Company has closed a non-brokered private placement for a total of 20,325,000 units (the “Units”) of the Company at a price of $0.10 per Unit for gross proceeds of $2,032,500 (the “Private Placement”). Each Unit consists of one (1) common share (the “Common Share”) and one (1) transferable common share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one (1) additional Common Share of the Company at a price of $0.20 on or before October 19, 2019.
The securities issued are subject to a four (4) month hold period that expires on February 20, 2018.
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, for new property investigations and for general corporate purposes.
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.