Under the offer 8,435,000 new fully paid ordinary shares will be issued at a price of $0.20 per share and allotted by the Company.
The Placement was managed by lead broker Blue Ocean Equities Pty Limited, and shares are being placed to new and existing shareholders. The Shares are to be issued under the Company's available 15% capacity under ASX Listing Rule 7.1. Capital raised will be applied to help fund the current drilling programme and to provide additional working capital. The share allotment is expected to occur by 14 December 2018 and an ASX Appendix 3B will then be lodged with ASX.
About Cobalt Blue Holdings Limited
Cobalt Blue Holdings Ltd (ASX:COB) is an exploration and project development company focussed on green energy technology. Work programs are advancing to enable an upgrade of the Mineral Resource at the Thackaringa Cobalt Project in New South Wales to include Measured Resources.
Cobalt is a strategic metal in strong demand for new generation batteries, particularly lithium-ion batteries now being widely used in clean energy systems.
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