Cobalt Blue Allots ~39.5Mn Shares Under Placement, Raising $3.75Mn to Advance Broken Hill Cobalt Project

1 min read | August 11, 2020 12:39 PM AEST | By Team Kalkine Media

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Australian exploration and development company, Cobalt Blue Holdings Limited (ASX:COB), advancing on its 100% owned Thackaringa or Broken Hill Cobalt Project (BHCP) in New South Wales, has allotted 39,485,275 new fully paid ordinary shares under the placement program announced during late-July. Under the placement, shares were issued at a price of $0.095 a share to raise $3,751,101 before costs.

Net proceeds of the placement will be utilised towards-

Pilot plant construction and commissioning
Technical and engineering studies towards the feasibility study of the Broken Hill Cobalt Project (BHCP)
Securing permits and approvals including commencing Environmental Impact Statement studies
Funding the process for securing a major joint venture partner
General corporate and working capital purposes

Lead broker Blue Ocean Equities Pty Limited managed the placement. The company also issued 355,263 shares at $0.095 per share to a broker in the UK to settle an amount of $33,750 of the fees.

The new shares under the placement rank pari-passu with the existing ordinary shares. COB used its placement capacity in accordance with ASX Listing Rule 7.1 (23,846,428 shares) and 7.1A (15,994,110 shares).

COB stock was trading at $0.1 a share at 12:18 PM AEST with a market capitalisation of $15.99 million.

(All currencies in AUD unless or otherwise stated)

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