Cobalt Blue Holdings Ltd (ASX:COB) has had all four of its board members take company stock in lieu of fees owing to them.
The three non-executive board members, being chairman Robert Biancardi and directors Hugh Keller and Robert McDonald took stock as payment for six months of director fees to 31 December 2019.
These shares were issued at a deemed price of 13.6 cents per share.
Biancardi was issued 100,870 shares and 98,873 voluntarily escrowed shares, Keller was issued 90,783 shares and 88,986 voluntarily escrowed shares, and McDonald was issued 80,329 shares and 78,739 voluntarily escrowed shares.
CEO Josef Kaderavek who also sits on the board was issued 500,000 shares in lieu of a short-term incentive bonus that was achieved.
Broken Hill Cobalt Project update
Cobalt Blue is seeking to have the Broken Hill Cobalt Project declared a State Significant Development approval under the NSW Environmental Planning and Assessment Act (1979).
If successful, this status will provide an integrated assessment pathway and minimises the number of secondary environmental approvals that must be attained for a project.
On January 6, 2020, COB will hold a scoping meeting with the relevant government department to progress the Environmental Impact Statement.