VANCOUVER, Jan. 16, 2017 /PRNewswire/ - eCobalt Solutions
Inc. (TSX: ECS; OTCQB: ECSIF) (the "Company" or
"eCobalt") announces that it has obtained a receipt for the final
short form base shelf prospectus (the "Shelf Prospectus") from the
British Columbia Securities Commission (and all other provincial
commissions in Canada where the
Company is a reporting issuer) on January
12, 2017 (see Company News Release dated October 16, 2016).
The Shelf Prospectus, subject to securities regulatory
requirements, will allow the Company to make offerings of up to
$100,000,000 of common shares,
preference shares, debt securities, warrants, subscription
receipts, units, or any combination of such securities (all of the
foregoing, collectively, the "Securities") during the 25-month
period that the Shelf Prospectus is effective.
The Securities may be offered separately or together, in
amounts, at prices and on terms to be determined based on market
conditions at the time of sale and set forth in an accompanying
shelf prospectus supplement ("Prospectus Supplement") and, subject
to applicable regulations, may include 'at-the-market'
transactions, private placements, public offerings or strategic
investments. Unless otherwise specified in a Prospectus
Supplement, the net proceeds from the sale of Securities for cash
will be used for the development of the Idaho Cobalt Project (ICP)
for commercial production and general corporate purposes including
working capital, funding ongoing operations and/or capital
requirements, reducing the level of indebtedness outstanding from
time to time, discretionary capital programs, exploration and
development of additional properties or interests (direct or
indirect) therein, and potential future acquisitions.
Each Prospectus Supplement will contain specific information, if
any, concerning the use of proceeds from that sale of
Securities.
The Company commissioned a NI 43-101 compliant
feasibility study (the "Feasibility Study") on
the ICP in June 2016. As the Feasibility
Study progresses to completion and subject to
final results, the Shelf Prospectus is expected to
provide efficiency, flexibility, and opportunities
to finance the ICP to complete development
and advance the project into commercial production.
"The 25 month life of the Shelf Prospectus will allow the
Company to take advantage of opportunities as they arise, giving
management the ability to act quickly on all aspects of business
development over the course of a significant period of time.
As we move the ICP through Feasibility Study and ultimately into
production, the flexibility provided by the Shelf Prospectus will
provide the Company access to the capital required to increase
value for all our shareholders", commented Paul Farquharson, President & CEO of
eCobalt.
Feasibility Study Update:
On September 22, 2016 the Company
commissioned a 2,600 foot metallurgical large diameter drill core
program. This program was successful in providing several
hundred kilograms of mineralized core samples. The samples
will be used in metallurgical test work designed to provide
additional confirmation data on concentrate recoveries,
hydrometallurgical processing and cobalt sulfate heptahydrate
crystal production. The results are expected to compliment
the results from the metallurgical program completed in March
2016. The final products produced from the metallurgical
testing will provide potential offtakers and other finance partners
with end product samples to be used for their due diligence and
evaluation.
This news release shall not in any circumstances constitute an
offer to sell or a solicitation of an offer to buy, nor shall there
be any sale of these securities in any jurisdiction in which an
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the applicable securities laws
of any such jurisdiction.
A copy of the Shelf Prospectus can be found on SEDAR at
www.sedar.com.
About eCobalt Solutions Inc.
(www.ecobalt.com)
eCobalt Solutions is a well-established Toronto Stock
Exchange listed company committed to providing ethically sourced
and environmentally sound battery grade cobalt salts, essential for
the rapidly growing rechargeable battery and renewable energy
sectors, made safely, responsibly, and transparently in
the United States.
eCobalt Solutions Inc.
"J. Paul Farquharson"
J. Paul Farquharson
President & CEO
E.R. (Rick) Honsinger, P.Geo.,
Senior Vice President of the Company, is the Qualified Person as
defined by National Instrument 43-101 who has supervised the
preparation of this news release and has approved its contents.
Cautionary Statement on Forward Looking Statements
Cautionary Statement on Forward Looking Statements This news
release contains "forward-looking statements" within the meaning of
applicable Canadian securities legislation. Statements in this news
release pertaining to expected financings, filings, uses of
proceeds or project completion dates are forward-looking
statements. These forward-looking statements are based on
assumptions and address future events and conditions and are
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, performance or achievements of
the Company to be materially different from those expressed or
implied by such forward-looking statements.
Such projections are and will inevitably always be dependent on
assumptions about future mineral prices and development costs which
will be subject to fluctuation due to global and local economic and
industry conditions. Further information regarding risks and
uncertainties which may cause results to differ from those
contained in forward-looking statements is included in filings by
the Company with securities regulatory authorities and is available
at www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Although the Company has disclosed that the Idaho
Cobalt Project remains the sole, near term, environmentally
permitted, primary cobalt deposit in the
United States and offers a unique potential for North
American consumers to secure an ethically sourced, environmentally
sound supply of battery grade cobalt chemicals, there is no
guarantee that the Company will attain commercial production of
such cobalt chemicals for use in the rechargeable battery sector.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company does not undertake to
update any forward-looking statements that are contained herein,
except in accordance with applicable securities laws.
The statements contained in this news release in regard to
eCobalt Solutions Inc. that are not purely historical are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including eCobalt Inc.'s
beliefs, expectations, hopes or intentions regarding the future.
All forward-looking statements are made as of the date hereof and
are based on information available to eCobalt Solutions Inc. as of
such date. It is important to note that actual outcome and the
actual results could differ from those in such forward-looking
statements. Factors that could cause actual results to differ
materially include risks and uncertainties such as technological,
legislative, corporate, commodity price and marketplace
changes.
SOURCE eCobalt Solutions Inc.