As part of a bought deal private placement, the company will issue 25.7 million share units at $1.10 per share. Canaccord Genuity was lead underwriter and bookrunner to the placement, which was supported by new and existing investors.

Vancouver-based FCC recently merged with Australia's Cobalt One, as well as Canada's CobalTech Mining.

FCC is the largest landholder in Ontario's Cobalt Camp, holding over 10,000 hectares of land that includes 50 historical mines, a mill and the only permitted cobalt refinery in North America capable of producing battery materials.

The proceeds of the placement will be used for exploration and development, working capital, and general corporate purposes.

The raising comes as cobalt closed at US$74,500 per tonne overnight, taking year-to-date gains to 127.6%.

Cobalt 27 Capital Corp, which recently listed in Canada, also took advantage of the high, announcing an C$85 million bought deal offering on Friday.

FCC was down by 8.9% to A$1.23 in Australia this morning.