Capital Raise: Successful $5.3 Million Institutional Placement
We are pleased to announce COB received firm commitments to raise $5.3 million through a placement led by international and domestic institutional investors.
The issue price of the Placement is $0.09 per share, which represents a discount of 14.3% to COB's 10-day VWAP. The Placement proceeds will be used to fund:
Progression of remaining milestones to the Kwinana Cobalt Refinery (KCR) Final Investment Decision, including:
Conversion of off-take non-binding Letters of Intent into binding agreements
Consolidating support for project finance
Evaluation of black mass processing at Broken Hill Technology Centre
Exploring a potential source of Australian feedstock for KCR.
Further advancement of project permitting for the Broken Hill Cobalt Project
General working capital and corporate costs to support both project activities and ongoing operations.
Fundraising costs.
This funding further strengthens our financial position and provides a clear runway for us to pursue our key initiatives into 2026, in particular, progressing the Kwinana Refinery to FID, evaluation of black mass processing in our Broken Hill Technology Centre, and further advancement of the Broken Hill Cobalt Project to project permitting.
We are pleased to welcome several new highly regarded international institutional investors onto our register and appreciate the confidence of our existing and new shareholders.
DR ANDREW TONG | CEO & MANAGING DIRECTOR
