Cobalt Blockchain Announces Private Placement

Cobalt Blockchain Inc. (“COBC” or the “Company”) (TSX-V: COBC; OTCQB: COBCF) is pleased to announce that it is working towards the completion of the previously announced private placement offering (the “Offering”) through the issuance of units (“Units”) at a price of $0.05 per Unit raising gross proceeds of $1,000,000, subject only to final approval of the TSX Venture Exchange. The placement is unbrokered.

Cobalt Blockchain Inc. (“COBC” or the “Company”) (TSX-V: COBC; OTCQB: COBCF) is pleased to announce that it is working towards the completion of the previously announced private placement offering (the “Offering”) through the issuance of units (“Units”) at a price of $0.05 per Unit raising gross proceeds of $1,000,000, subject only to final approval of the TSX Venture Exchange. The placement is unbrokered.

Each Unit issued pursuant to the Offering consists of one common share in the capital of the Company (a “Common Share”) and one Common Share purchase warrant (a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional Common Share at a price of $0.20 for a period of two years from the date of its issuance.

The Company intends to use the net proceeds of the Offering to fund i) exploration work on its joint venture properties, ii) commissioning of the hydroxide plant in Democratic Republic of Congo and securing adequate feed material for the plant, and iii) for working capital and general corporate purposes.

The securities issued in connection with the Offering are subject to a statutory four-month hold period from the date of issuance i.e. the hold periods expire four months and one day from their respective dates of issuance.