Cobalt Blue Holdings Limited (ASX: COB) Extends Entitlement Issue Closing Date
Entitlement Issue Details
Cobalt Blue Holdings Limited (ASX: COB) has announced the extension of the Closing Date for its pro-rata non-renounceable entitlement issue. The new deadline for eligible shareholders to take up their entitlements is now set for 17 January 2025. This entitlement offer allows shareholders to purchase one new share for every five shares held at an issue price of $0.072 per new share.
The entitlement issue includes a shortfall facility, permitting eligible shareholders who fully subscribe their entitlements to apply for additional new shares if available. Directors have the discretion to place any shortfall shares within three months after the closing date, ensuring that at least the offer price is maintained.
Use of Proceeds
The proceeds from the entitlement issue will be allocated to various strategic initiatives. These include funding the Kwinana Cobalt Refinery work programs, including engineering, permitting, and legal support. Additional funds will support the BHCP strategic review studies and prospects under the ReMine+ program, as well as other general corporate activities.
Further Information
Details surrounding the entitlement issue, including the risks associated, have been outlined in the Offer Booklet published on the ASX on 26 November 2024. The company also provided a revised timetable related to the entitlement issue, with key dates detailed for shareholder reference.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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