Cobalt Blue Holdings Ltd (ASX:COB) has been granted a trading halt by the ASX with news concerning the finalisation of a material fundraising pending.
The halt will remain in place until the start of normal trading on Monday, December 10, 2018, or when the announcement is released to the market, whichever occurs earliest.
COB’s shares were 22.5 cents at the close of trading on Wednesday.
READ: Cobalt Blue to present cobalt strategy at Renewable Metals Connect in London
The company intends to play its part in a cleaner energy future with its vertically integrated supply strategy focused on the Thackaringa Cobalt Project near the mining centre of Broken Hill.
READ: Cobalt Blue’s Thackaringa drilling returns broad, high-grade cobalt results
Earlier this week initial results were received from extensive drilling at the joint venture project which reinforce the potential for resource growth and substantial mine life.
These results confirm substantial thicknesses of cobalt mineralisation consistent with the existing geological model.
They include 68 metres at 1218ppm cobalt, 13.4% iron and 13.4% sulphur from 116 metres, and 52 metres at 1042ppm cobalt, 11.1% iron and 11.2% sulphur from 93 metres.
READ: Cobalt Blue Holdings serves joint venture dilution notice
As at November 30, 5,788 metres had been completed, including 1,353 metres of diamond drilling and 4,435 metres of reverse circulation (RC) drilling.
The planned total of more than 15,000 metres is the largest single drill campaign undertaken at the project, which COB holds in JV with Broken Hill Prospecting Ltd (ASX:BPL).