PERTH (miningweekly.com) – ASX-listed Cobalt Blue will raise A$15-million in a share placement to fund the continued development of its Broken Hill cobalt project, in New South Wales.
The company on Tuesday reported that it would issue 50-million shares in two tranches, at a price of 30c each. The company would also issue 25-million free-attaching options with an exercise price of 45c each on or before August 15, 2022, on the basis of one option for every two shares issued.
The first tranche of the placement would consist of 25.9-million shares and 12.95-million options, and would be issued under the company’s existing placement capacity.
The second tranche of 24.1-million shares and 12.05-million options, would be subject to shareholder approval at a general meeting scheduled for early August.
Cobalt Blue told shareholders that the placement would permit the company to transition to a larger scale demonstration plant and to advance the Broken Hill feasibility studies, while also funding geological and site activities, approvals and permits, additional tenement acquisition, partner and financing investigations and working capital.