Cobalt Blue Holdings (ASX:COB) shareholders in the recent Initial Public Offering were given free attaching loyalty options on the proviso they help the shares for three months after the company listed.
In total 75% of shares issued were held and will receive the option, showing support by shareholders to maintain their stake, while at the same time reducing the free float.
This retention of shares is a very strong result considering there have been several days when the stock traded over 10 million shares, and close to two dozen times over one million shares.
The option was issued on a 1 for 4 share basis under the offer, has an exercise price of A$0.25 and will expire three years from the date of issue.
Thackaringa project
The company recently completed a major milestone in completing the definition drilling program at its Thackaringa project, located in New South Wales.
The drilling is expected to triple the current resource of: 33.1 million tonnes at 833ppm cobalt (at a 500ppm Co cut-off).