Business
Kobrea Exploration Announces Private Placement and Director Change
Vancouver, British Columbia--(Newsfile Corp. - March 11, 2024) - Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) ("Kobrea" or the "Company") is pleased to announ
About this update from Kobrea Exploration Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 11, 2024) - Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) (\"Kobrea\" or the \"Company\") is pleased to announce that it intends to undertake a non-brokered private placement (the \"Private Placement\") to raise gross proceeds of up to $1,500,000 through the issuance of a combination of hard-dollar units (each, an \"HDU\") and common shares issued on a flow-through basis pursuant to the Income Tax Act (Canada) (each, an \"FT Share\"). Under the proposed Private Placement, the Company intends to offer up to 4,000,000 HDUs at $0.25 per HDU, for gross proceeds of up to $1,000,000, and up to 1,515,151 FT Shares at $0.33 per FT Share, for gross proceeds of up to $500,000. Each HDU will be composed of one (1) common share of the Company (a \"Common Share\") and one-half of one (1/2) common share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one Common Share at a price of $0.50 for a period of 24 months from the date of the closing. In the event the Company receives greater than expected support for the Private Placement, the Company may increase the size of the Private Placement and issue up to 6,000,000 HDUs, for gross proceeds of up to $1,500,000, and up to 3,303,303 FT Shares, for gross proceeds of up to $1,000,000. The Company intends to use the proceeds raised from the Private Placement for exploration activities, property acquisitions and general working capital. Completion of the Private Placement is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the Canadian Securities Exchange. Director Change The Company is also pleased to announce the appointment of Pierre Clement as a director of the Company. Mr. Clement replaces Ramninder Lidder on the board of directors, who has resigned. Pierre Clement brings over 10 years of experience in the resource sector where his expertise spans various facets of corporate development and capital markets initiatives. He has played a pivotal role in assisting numerous companies in navigating the landscape of corporate growth and capital market strategies. Mr. Clement has built a strong network within the North American investment community. The securities issued pursuant to the Private Placement have not ...