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Kobo Resources Announces Closing of First Tranche of Non-Brokered Private Placement and Concurrent Brokered Private Placement
QUEBEC CITY / Jun 04, 2024 / Business Wire / Kobo Resources Inc. (“Kobo” or the “Company”) (TSX.V: KRI) is pleased to announce that it has closed its first tran
About this update from Kobo Resources Inc.
[{"type":"text","content":"QUEBEC CITY / Jun 04, 2024 / Business Wire / Kobo Resources Inc. (“Kobo” or the “Company”) (TSX.V: KRI) is pleased to announce that it has closed its first tranche of previously announced non-brokered private placement of units (the “Units”) for gross proceeds of $1,485,331.50 (the “Offering”). Under the first tranche of the Offering, 4,243,804 Units were issued at a price of $0.35 per Unit. In addition, the Company also announces closing of a brokered private placement (the “Concurrent Financing” and together with the Offering, the “Private Placements”) of 8,378,700 additional Units of the Company (the “Additional Units” and together with the Units, the “Offered Units”) at a price of $0.35 per Additional Unit for additional gross proceeds of $2,932,545, pursuant to the listed issuer financing exemption available under Part 5A of National Instrument 45-106 – Prospectus Exemptions (or, in Québec, Regulation 45-106 respecting Prospectus Exemptions) (“NI 45-106”). As previously announced, Luso Global Mining, S.A (“LGM”), a wholly owned subsidiary of Mota-Engil SGPS, S.A. (“Mota-Engil”), has participated in the first tranche of the Offering as a lead investor. LGM has subscribed for 2,857,143 Units representing gross proceeds of $1 million. LGM will subscribe for additional Units as part of the second tranche of the Offering. Upon closing of the second tranche of the Offering, LGM is expected to hold common shares of the Company (the “Common Shares”) representing 9.99% of the issued and outstanding Commons Shares. The Company expects to close the second tranche of the Offering on or about July 2, 2024. Each Offered Unit consists of one Common Share and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant entitles its holder to acquire one Common Share at a price of $0.55 per share until June 4, 2026. The Company intends to use the net proceeds of the Offering and the Concurrent Financing to expand its 2024 diamond drill program on its Kossou exploration permit, initiate a soil geochemical survey and a geological exploration program on the Kotobi research permit and for general corporate and working capital purposes. Leede Jones Gables Inc. acted as agent in connection with the Concurrent Financing and received a cash commission equal to $227,952.90 and 644,960 non-transf...