US COBALT INC COM NPV (OTCMKTS:SCTFF)
Works at US COBALT INC COM NPV (OTCMKTS:SCTFF) Iron Creek Cobalt mine in Idaho have begun after the company signed an exploration and drilling service contract with Timberline Drilling. Under terms of the agreement, the contractor is to drill a minimum of 30,000 feet into the patented lode mining claims.
Idaho Mine Exploration
The exploration mining company is using the drilling campaign to confirm cobalt mineralization in the area. Previous studies had indicated that the property could contain up to 1,279,000 tons of 0.59% cobalt. Plans are in place to conduct geophysical surveys over the mineralized zones as part of an effort that seeks to identify additional drill targets.
“The company has made excellent progress utilizing the enormously detailed and thorough data provided by our predecessors on the Property. We are excited to more clearly delineate this exciting story and move towards not only quantifying current workings but also examining the potential for considerable expansion. The $5.2M we have raised in the last four months, along with the fact that we are working on the private ground, will allow us to move forward quickly,” said CEO, Wayne Tisdale.
Separately, US Cobalt has completed a non-brokered private placement of units for its common stock. During the offering, the company issued 2 million units at a price of $0.85 a share. Each unit at the offering comprised one common share and one common share purchase warrant.
During the offering, one director of US COBALT INC COM NPV (OTCMKTS:SCTFF) purchased 970,000 units. The company is planning to use the net proceeds to finance exploration works at the Iron Creek cobalt mine. Part of the amount is to be used for general working capital purposes.
US COBALT INC COM NPV (OTCMKTS:SCTFF) recently changed its name from Scientific Metals Corp – a move that the management says highlights a new corporate focus. The name change does not in any way affect shareholders rights.
“We are excited to announce the rebranding of the Company from Scientific Metals Corp. to US Cobalt Inc. This change highlights the corporate focus we’ve undertaken at our flagship Iron Creek cobalt project in Idaho, USA. We believe strongly that the demand for home-grown and ethically sourced cobalt will continue its meteoric rise,” said Mr. Tisdale.
US COBALT INC COM NPV (OTCMKTS:SCTFF) stock dropped in Monday’s trading session, shedding 7.31% in market value to end the day at $0.648 a share.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.