The green energy company closed its oversubscribed initial public offer (IPO) last week after investors bid for the $10 million maximum at the $0.20 issue price.
Cobalt Blue’s flagship Thackaringa Cobalt Project is strategically located 23 kilometres south-west of the world class mining centre of Broken Hill within New South Wales.
Cobalt is a necessary metal for the production of the latest generation, high density lithium-ion batteries.
Due to its high run-time properties, the use of cobalt has risen dramatically as portable lithium-ion battery usage accelerates and electric vehicles become a reality.
Cobalt Blue has a tight shareholder register with just 95 million shares on issue, with cash in excess of $9 million on hand.