First Cobalt's unaudited 1Q results show it has $16M in cash and working capital of $20.2M

First Cobalt Corp (CVE:FCC) (OTCQX:FTSSF) (FRA:18P) filed its unaudited first quarter financial results for the three-month period ended March 31, 2021, which showed it had cash of $16 million and working capital of $20.2 million.  The Toronto-based company, which aims to be a sustainable producer of battery materials, said it remains “on schedule” to commission its expanded refinery in October 2022. That will make First Cobalt the only refiner of battery-grade cobalt sulfate in North America and the second-largest outside of China.  First Cobalt launched an at-the-market (ATM) equity program in February 2021 for the issuance of up to $10 million shares from its treasury.  In April and May 2021, the company has issued a total of 965,500 common shares under the ATM Program at an average price of $0.3565 per share, providing gross proceeds of $344,162. A commission of $10,325 was paid to Cantor Fitzgerald in relation to these distributions.  READ: First Cobalt Corp fully focused on creating a North American cobalt supply chain The company said the Glencore loan converted to shares of First Cobalt on April 7, 2021, eliminating all corporate debt and freeing up the security package associated with the refinery. First Cobalt provided the following highlights: Sale of a portion of the Cobalt Camp properties to Kuya Silver Corp for $3.7 million in Kuya shares and $1 million in cash; Five-year feedstock arrangements for 90% of refinery capacity with Glencore and IXM; Flexible, five-year cobalt sulfate offtake arrangement for up to 100% of production executed with Stratton Metals. Quantities are at First Cobalt's election, subject to a minimum; Entered an exclusivity agreement and commenced due diligence with a leading financial institution to provide US$45 million in debt financing. First Cobalt owns North America's only permitted cobalt refinery, a critical asset in the manufacturing of batteries for electric vehicles and next generation North American electrified consumer and industrial applications. The company owns the Iron Creek cobalt-copper project in Idaho, US. The United States Geological Survey has deemed the Idaho Cobalt Belt to be strategically important as a domestic supply of cobalt. The company also controls a significant land package in the Canadian Cobalt Camp spanning over 100 square kilometres, which contains more than 50 past-producing mines, including substantial silver assets. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive