Farquharson on closing a C$17.25 million financing as a rising star in the cobalt market space
Paul Farquharson, President, CEO and Director of eCobalt Solutions Inc. (TSX: ECS | OTCQB: ECSIF), in an interview with InvestorIntel’s CEO Tracy Weslosky discuss their recent closing of a C$17.25 million bought deal financing. A rising star in the cobalt market space, Paul discusses the competitive pricing of the purity of their ore and prime location of their North American deposit. Paul will be presenting at InvestorIntel’s 6th Annual Cleantech and Technology Metals Summit on Monday and Tuesday, May 15th and 16th in Toronto, Canada at the Omni King Edward Hotel.
Tracy Weslosky: Let’s start this interview with congratulations. It seems to me that you’re bringing in money hand over fist.
Paul Farquharson: We’ve had a good little streak here Tracy. Made some great contacts down in Australia with Canaccord Genuity, and did a bought deal. They led the syndicate for us. We put an announcement out February. Ten days later we had a bought deal close, $17.25 million. It’s just phenomenal for us and our shareholders to have that money in place; really strong balance sheet moving forward as start talking to off takers and capex…it’s really good for us.
Tracy Weslosky: Congratulations. Let me add, during PDAC I had two different investors come to me Paul and say, “We have deals in the DRC” and I just stepped back. Can you explain to the InvestorIntel audience why eCobalt is a real solution?
Paul Farquharson: eCobalt has a primary cobalt deposit located in the United States, Idaho, United States, fully permitted ready to go and primary cobalt deposit. Most of the cobalt comes from copper-cobalt out of the DRC or nickel cobalt out of Russia, Cuba, et cetera. Apple just recently came out with an announcement and Apple said, we have to really examine our own supply chain because we cannot accept cobalt from the DRC because of child labor involved with that. That is not going to be something that’s going to affect us. We can deal with Apple. We can deal with all of those big phone manufacturing companies, automobile manufacturing companies. We will be able to supply a transparent supply chain of where the product comes from. It’s good for us.
Tracy Weslosky: For all of the InvestorIntel audience members who may not know this story, not only do you have cobalt in the United States, but talk about the actual purity of the cobalt.
Paul Farquharson: Sure. It’s a primary cobalt deposit. It’s about 10 times the grade of other deposits around the world, like a copper-cobalt deposit or a nickel-cobalt deposit…to access the complete interview, click here
Disclaimer: eCobalt Solutions Inc. is an advertorial member of InvestorIntel.