Cobalt Blue Holdings Ltd (ASX:COB) will gain additional investment in the company via a placement of 11.4 million shares at $0.22 to raise circa $2.5 million.
Following a recent commercial visit in November to Korea and Japan, potential partners highlighted to the company the desire to source cobalt sulphate samples for in-house purity testing.
READ: Cobalt Blue's Joe Kaderavek outlines latest from Korea and Japan visit in Proactive Q&A Sessions™
In order to produce a sufficient sample quantity for evaluation by Japanese, Korean and Chinese entities, Cobalt Blue is raising the funds to:
- Increase the scale of the Pre‐Feasibility study testwork program to produce the volume of cobalt sulphate requested; and
- Potentially enhance Thackaringa’s commercial production via further technical improvements.
The production of these samples is an important step to seeking long term relationships with the battery industry and key equity/debt participants.