FIRST COBALT CORP.

(MT Newswires) -- First Cobalt (FCC.V) was down more than 6% after the company on Thursday said it is boosting the size of bought-deal share-unit offering to C$8.5 million, up from its prior C$5-million target.

The company said it will now sell a group of underwriters 27.42 million units, with each priced at C$0.31 and made up of a share and one half of a two-year warrant to buy a second share for C$0.50.

"The company intends to use the net proceeds of the offering for the advancement of the First Cobalt Refinery and for general corporate purposes," it said in a release.

The offering is expected to close on Jan.21.

First Cobalt shares were last seen down C$0,02 to C$0.31 on the TSX Venture Exchange.

Price: 0.31, Change: -0.02, Percent Change: -6.06