Canada's First Cobalt to issue shares to Glencore to repay $5.5 mln debt

Electra Battery Materials

26/03/2021 12:00

March 26 (Reuters) - Canada's First Cobalt Corp  FCC.V 
entered into a deal with Glencore Plc's  GLEN.L  unit under
which it will repay an existing loan of about $5.5 million by
issuing shares, the cobalt miner said on Friday.
    First Cobalt will issue 23.8 million common shares to
Glencore AG  GLEN.UL  at $0.29 per share, representing about
4.8% of the company's current outstanding shares.  urn:newsml:reuters.com:*:nCNWqy4vsa
    In 2019, First Cobalt entered into a loan agreement with the
miner and commodity trader to fund engineering studies,
metallurgical testwork and permitting activities for an
expansion of the company's refinery in Ontario, Canada. 

 (Reporting by Rithika Krishna in Bengaluru; Editing by Shailesh
Kuber)
 ((Rithika.Krishna@thomsonreuters.com;))