Cobalt Coal Announces $7M Private Placement
Cobalt Coal Ltd. (CCF.V) intends to complete a private placement of up to $7 million of units at a price of $1,000 per unit. Each unit will be comprised of $1,000 principal amount of secured redeemable debentures, which will mature 36 months from the date of issuance and 4,000 common shares in the capital of the corporation. The debentures will bear interest at a rate of 10% per annum payable quarterly from the date of closing.
Net proceeds will be used to complete mine face up work on the Mill Creek tract, to acquire mining equipment, to drill five evaluation holes on the Virginia Properties and for general working capital purposes.