Koba Resources Raises $4m to fast-track lithium exploration
- Koba Resources (KOB) taps investors for $4 million through a share placement to expedite exploration at its Canadian and Australian lithium projects
- Subject to shareholder approval, the oversubscribed placement will see KOB issue 26.6 million new shares at 15 cents — a 7.1 per cent premium to its last closing price on February 20
- One unlisted attaching option will be issued for every four placement shares with a strike price of 30 cents and an expiry date of December 27, 2024
- The cash raised will fund exploration programs at KOB’s Whitlock, JB1 and Python lithium projects
- KobaResources is up 10.7 per cent, trading at 15.5 cents at 1:26 pm AEDT
