$2.5M Cash Capital Raising Fully Subscribed
Under the offer, approximately 11.4 million new ordinary fully paid shares are to be issued and allotted by the Company (Shares), with approximately 2.8 million free attaching listed options (1 for 4) granted on the same terms and conditions as existing listed options (see Note below). (Options) Proceeds are A$0.22 cash per Share. (Placement).
The Placement was managed by NSW based stockbroker Blue Ocean Equities Pty Limited (Blue Ocean).
The Shares and Options are to be issued under the Company's available 15% capacity under Australian Securities Exchange Limited (ASX) Listing Rule 7.1.
Funds raised will be applied as follows:
Following a recent commercial visit in November to Korea and Japan, potential partners have highlighted the desire to source cobalt sulphate samples for in-house purity testing. In order to produce a sufficient sample quantity for evaluation by Japanese, Korean and Chinese entities, COB is seeking funds to:
- increase the scale of the Pre-Feasibility study testwork program to produce the volume of cobalt sulphate requested; and
- potentially enhance Thackaringa's commercial production via further technical improvements.
The production of these samples is an important step to seeking long term relationships with the battery industry and key equity/debt participants
More detail about the Company's projects can be found within the investor's presentation which is available on the Company's website http://www.cobaltblueholdings.com
Note: Each option has the right to subscribe for one fully paid ordinary share issued by the Company (Share) for a cash exercise price of A$0.25 each Share, on any business day until expiry on 2 May 2020.
About Cobalt Blue Holdings Limited
Cobalt Blue Holdings Ltd (ASX:COB) is an exploration and project development company focussed on green energy technology and strategic development to upgrade its mineral resource at the Thackaringa Cobalt Project in New South Wales from Inferred to Indicated status. This strategic metal is in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
COB is in a Joint Venture (70% interest) with Broken Hill Prospecting Limited (ASX:BPL) (30% interest) to develop the Thackaringa Cobalt Project.
Potential to extend the Mineral Resource at Pyrite Hill, Big Hill, Railway and the other prospects is high. Numerous other prospects within COB’s tenement package are at an early stage and under-explored.
Cobalt Blue Holdings Limited