Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) will raise $5.3 million (before costs) via a share placement to international and domestic institutional, sophisticated and professional investors as it looks to progress remaining milestones towards a Final Investment Decision (FID) on the Kwinana Cobalt Refinery (KCR).
The placement will comprise 59,144,446 new fully paid ordinary shares issued at $0.09 per share, representing a 14.3% discount to COB’s last traded price. Each new share will carry one free-attaching unlisted option, exercisable at $0.115 and expiring on December 15, 2027, with the issue of these “Placement Options” subject to shareholder approval at an upcoming general meeting.
Funds raised will be applied to remaining milestones including:
- conversion of non-binding offtake letters of intent into binding agreements
- consolidation of support for project finance
- evaluation of black mass processing at the Broken Hill Technology Centre
- investigating potential Australian feedstock sources for the KCR
- further advancement of project permitting for the Broken Hill Cobalt Project
- general working capital and corporate costs to support project activities and ongoing operations; and
- fundraising and offer costs.
Settlement of the new shares is expected on or about December 12, 2025. The new shares will rank equally with COB’s existing ordinary shares on issue.