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CBLT closes on flowthrough financing for

Mar 8, 2021

"We are well funded to carry out our geologic goals for the foreseeable future," said Peter M. Clausi, CEO. "We know what we want to achieve at lithium-prospective Shatford Lake by the end of 2021 and the cost to achieve those goals, we know we want to drill at either Big Duck Lake or Chilton Cobalt, and we want to carry out some follow-up work at Copper Prince in Sudbury. We also have an as-yet unnamed acquisition pending and we will likely want to put a team in there as well. Overall it's going to be a very busy year with steady news flow. Because we outsource much of the geologic work, we have the bandwidth needed to work on multiple projects simultaneously."

On February 15, 2021, CBLT Inc. announced it had set its exploration goals and budget for the foreseeable future. To fund that budget CBLT announced an intention to effect a non-brokered flowthrough financing in an amount no less than $100,000. CBLT announces it has closed on $232,830.00 (two hundred thirty-two thousand eight hundred and thirty dollars) in flowthrough financing, resulting in the issuance of 2,328,300 Flowthrough Units. Each Flowthrough Unit was priced at $0.10 (ten cents) and will comprise of one flowthrough share and one full 15-cent warrant with a 24-month term, with each 15-cent warrant being exercisable into a flowthrough common share. This financing is subject to stock exchange approval.

CBLT does not believe it will require a hard dollar financing for the foreseeable future. CBLT has over $200,000 cash in its treasury and CBLT owns over 1,800,000 shares of Ready Set Gold Corp. ("RDY") which trades on the Canadian Securities Exchange. It has received its first escrow release of RDY shares, with three remaining escrow releases to take place on or about April 18, June 18 and August 18, all in 2021. CBLT ultimately intends to use the proceeds of sale from some of the RDY shares to fund non-exploration expenses. For the time being, CBLT does not intend to immediately sell its RDY shares although this intention could change without notice at any time.

CBLT's operating thesis is that a strong commodity super-cycle is beginning, and the main benefactors will be the metals that support the Green Revolution. CBLT's shareholders are well-positioned to benefit from that thesis.

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