- Green energy technology company Cobalt Blue (COB) has received firm commitments to undertake a $3.75 million placement
- More than 39 million shares will now be issued to institutional and professional investors at a price of 9.5 cents each
- Cobalt Blue will use the money for the Broken Hill Cobalt Project in New South Wales, engineering and technical studies for a feasibility study, and securing a major joint venture partner for the project
- Eligible shareholders will now be offered the opportunity to participate in a share purchase plan with the sum raised yet to be announced
- Cobalt Blue has ended the day 16 per cent in the red with shares trading for 10.5 cents each
Cobalt Blue (COB) has received firm commitments to undertake a $3.75 million placement.
A total of 39,485,275 shares will be issued to institutional and professional investors at a price of 9.5 cents each.
This price represents an 18.7 per cent discount to the 10-day volume weighted average price and shares are expected to settle on or around August 7.
Cobalt Blue will use the money for the Broken Hill Cobalt Project in New South Wales, the construction and commissioning of the pilot plant, engineering and technical studies for a feasibility study, and working capital.
The money will also go towards securing a major joint venture partner for the project.
The Broken Hill Cobalt Project lies 1000 kilometres from Sydney and in June 2019, the company revealed a 90 per cent recovery of cobalt to concentrate.
Eligible shareholders will now be offered the opportunity to participate in a share purchase plan with the sum raised yet to be announced.
More details will be announced next week.
Cobalt Blue has ended the day 16 per cent in the red with shares trading for 10.5 cents each in a $19.99 million market cap.