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In May, the Calgary-based miner acquired property in Kentucky and Virginia, including part of Virginia’s 1600-acre Mill Creek tract, which are now under the miner’s control.
In March, Cobalt increased its Appalachian holdings by 4900 acres in Virginia.
Cobalt issued an additional $100,000 principal amount of unsecured, convertible, redeemable debentures which bear interest at a rate of 12% per annum, payable upon maturity at a price of $1 per $1 principal amount of debenture for gross proceeds of $100,000.
Cobalt is a Toronto Stock Exchange-listed explorer and producer with a regional office in West Virginia.
In June, the company announced its Westchester underground in southern West Virginia was posting in the black for the first time in its history thanks to a significant increase in production.
