Cobalt Blue Holdings Ltd (ASX:COB) (OTCMKTS:CBBHF) (FRA:COH) CEO Joe Kaderavek has demonstrated his confidence in the company’s integrated cobalt strategy focus on the traditional NSW mining centre of Broken Hill through a series of on-market purchases.
On June 24, 25, 28, 29 and 30 acquired a total of 395,370 shares spread between two indirect interests.
These shares purchased at various prices between A$0.27 and A$0.28 per share, for a total of A$107,226.
Kaderavek now holds 3,700,866 shares in one indirect interest and 2,569,866 in another for a total of 6,270,732.
Strongly supported placement
COB recently received strong validation for the Broken Hill Cobalt Project (BHCP) and its Global Sample Partner Program by raising A$15 million in a private placement to institutional, sophisticated and professional investors.
It received firm commitments for the two-tranche placement which was well supported by a number of domestic and offshore institutional investors.
Proceeds will be used to accelerate the construction of a demonstration plant, which will follow the pilot plant sample program that is nearing completion.
The company is now fully funded to complete the construction of this larger plant to provide battery-grade cobalt sulphate to end-users and potential strategic partners.
These plants are both key parts of the company’s sample program centred on the BHCP in Far West New South Wales.
Kaderavek said: “We welcome a number of highly regarded domestic and international institutional investors onto the Cobalt Blue register in what was a strongly supported capital raising that will fund the continued development of the Broken Hill Cobalt Project.”
The company expects to complete the pilot plant sample program shortly and will report a program summary upon completion and the overall specifications of the Global Sample Partner Program.
Transition to larger plant
This placement will permit COB to transition to a larger-scale Demonstration Plant in Broken Hill and advance feasibility studies for the BHCP.
Placement proceeds will also be used to fund geological and site activities, approvals and permits, additional tenement acquisition, partner and financing investigations and working capital.