(MENAFN- ProactiveInvestors) () (OTCBB:GLBCF) is raising up to C$150000 through a non-brokered private placement financing the company said Friday.
It will issue up to 3.0 million units at a price of 5 cents apiece. Each unit will be made up of one common share and one share purchase warrant which entitles the holder to acquire an additional share for a period of two years at a price of 6.5 cents.
The company said the private placement is still subject to TSX Venture Exchange approval.
is focused on developing its advanced-stage Karakul cobalt project in Russia but recently expanded its horizons by acquiring the Iron Creek cobalt property in Idaho giving it a foothold in the famed Idaho Cobalt Belt.
The chief executive says the move was borne partly from a response to concerns of shareholders who were worried about the company's significant Russian exposure. As a result it has reached out to bring in new projects while continuing to maintain Karakul.
Amid this backdrop also owns the Werner Lake cobalt property in northwestern Ontario and is looking to bring in other projects to achieve its primary goal of becoming a consolidator.
At the same time despite not being able to access project funding due to the geopolitical environment in Russia and weak capital markets it has continued to work with Chinese suppliers to complete technical and economic assessments at Karakul.
The company spent months completing a 45-hole drilling campaign at Karakul and earlier this summer surprised even management with the strength of the NI 43-101 technical report after the maiden compliant resource showed larger-than-expected tonnages in both the indicated and inferred categories on the historic project.
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