ASX-listed Cobalt Blue Holdings (ASX:COB) reports the results of its 1 for 10 non-renounceable entitlement issue at an issue price of $0.58 each.
The company has raised more than $22.311 million under the placement, entitlement issue, and shortfall placement.
Cobalt Blue has received applications for over 28 million new shares to raise more than $16.311 million following the closing date of the 1 for 10 non-renounceable entitlement issue offer.
The entitlement issue shortfall was just over 4.9 million shares, or a little over $2.852 million.
Cobalt Blue will issue a total of 3.448 million new shares to raise $2 million from a sophisticated investor.
The entitlement issue offer closing date was 1 December.
Speaking on the capital raise, Cobalt Blue Chief Executive Officer (CEO) and Executive Director, Joe Kaderavek says: “We’ve been delighted with strong support from shareholders demonstrating their continued commitment to the company.
“We’ve been delighted with strong support from shareholders demonstrating their continued commitment to the company”
The entitlement issue and shortfall placement represents 95% of the maximum amount available for issue.”
Cobalt Blue is a cobalt development and technology company that is focused on the advancement and development of cobalt mining and refining operations within Australia. The company is currently committed to the Broken Hill Cobalt Project, which is becoming the world’s premier producer of ethical cobalt to meet this growing demand for energy storage.
With the entitlement offer and shortfall placement now closed, Cobalt Blue announces that the expected date of issue for the new shares under both the entitlement issue and shortfall placement will be 7 December this year.
Commencement of trading of the new shares under both the entitlement issue and shortfall placement is expected on 8 December.
Images: Cobalt Blue Holdings Ltd
