Cobalt 27 obtains $80 million revolver led by National Bank of Canada

By Wendy Van Sickle

Columbus, Ohio, May 17 – Cobalt 27 Capital Corp. entered into an $80 million revolving credit facility led by National Bank of Canada, according to a press release issued Thursday.

The revolver has an initial term of two years, and the company may elect to extend the term with lender consent.

The initial drawdown under the credit facility is subject to the satisfaction or waiver of some conditions.

Bank of Montreal and Bank of Nova Scotia are also members of the lending syndicate.

The company said it plans to increase the size of the credit facility as it builds its cobalt-focused investment portfolio.

The revolver, which is secured by the company’s assets, may be used for general corporate purposes and investments in the mineral industry, including the acquisition of streams, royalties, and other interests.

“Adding a revolver to our balance sheet is an important step towards becoming a cash flow positive streaming company,” Anthony Milewski, chairman and chief executive officer of Cobalt 27, said in the release.

Toronto-based Cobalt 27 is a minerals company that offers direct exposure to cobalt, an integral element in key technologies of the electric vehicle and battery energy storage markets.

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