(TheNewswire)
Vancouver, BC – TheNewswire - January 26, 2022 – Fuse Cobalt Inc. (“the Company“ or “Fuse”) (TSXV:FUSE ) , ( OTC: FUSEF) ( FRA:43W2) announces that the Company has closed a non-brokeredprivate placement of 32,900,000 Units (“Units”) at a price of$0.05 per Unit raising gross proceeds of $1,645,000.
Each Unit consists of one common share of the Companyand one share purchase warrant. Each share purchase warrant entitlesthe holder thereof to purchase one additional common share of theCompany at an exercise price of $0.065 per share, for a period of fiveyears from closing, subject to final TSX Venture Exchange(“Exchange”) approval.
The proceeds of the Private Placement will be used forexploration and development and for general working capitalpurposes .
The Company also paid Finder fees in the amount of$37,750 cash and 2,285,000 shares in connection with the privateplacement. The finder fees are subject to Exchange approval.
All securities issued in connection with the privateplacement will be subject to a four?month and a day hold periodexpiring on May 27, 2022 in accordance with applicable CanadianSecurities Laws.
Insiders of the Company purchased a total of 500,000units under the Private Placement, which is considered a related partytransaction within the meaning of Multilateral Instrument61-101 Protection ofMinority Security Holders in Special Transactions (" MI61-101 "). The Company relied on theexemptions from the valuation and minority shareholder approvalrequirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a),respectively, of MI 61-101 in respect of such insiderparticipation.
About Fuse Cobalt Inc. https://fusecobalt.com/
Fuse Cobalt Inc. is a Canadian based explorationcompany that trades under the symbol FUSE on the TSX Venture Exchange.The Company's focus is on exploration for high value metals requiredfor the manufacturing of batteries.
Ontario Cobalt Properties :
Fuse owns a 100% interest its Glencore Bucke Property,s ituated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-inprovision, production royalty and off-take agreement . The GlencoreBucke Property consists of 16.2 hectares and sits along the westboundary
of Fuse’s Teledyne Cobalt Project. The Company alsoowns a 100% interest, subject to a royalty, in the Teledyne Projectlocated near Cobalt, Ontario. The Teledyne Property adjoins thesouth and west boundaries of claims that hosted the AgaunicoMine.
On Behalf of the Board of Directors
“Robert Setter”
Robert Setter, President & CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
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