NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION
DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED
STATES.
Kobo Resources Inc. (“Kobo” or the “Company”)
(TSX.V: KRI) is pleased to announce that it has closed its
second tranche (the “Second Tranche”) of previously
announced non-brokered private placement of units (the
“Units”) for gross proceeds of $2,995,497 (the
“Offering”). Under the second tranche of the Offering,
8,558,563 Units were issued at a price of $0.35 per Unit.
Closing of a first tranche of the Offering (the “First
Tranche”) and concurrent brokered private placement (the
“Concurrent Financing”) occurred on June 4, 2024, at which
time the Company issued an aggregate of 12,622,504 units. Together
with the First Tranche, the Company raised gross proceeds of $7.413
million following the closing of the Second Tranche.
Edward Gosselin, CEO and Director of Kobo commented: “The
successful completion of the Company’s private placement represents
an important milestone for Kobo, demonstrating the market's
confidence in our team and in our 100%-owned Kossou Gold Project.
Having the overwhelming support of existing and new shareholders,
we can build on this foundation for aggressive growth at Kossou as
we continue to develop our key assets and create value for all
stakeholders.” He continued: "Importantly, partnering with Luso
Global Mining and its parent company, Mota-Engil, offers us
exceptional synergies and leverages their extensive experience in
West Africa, particularly in Côte d’Ivoire. We are excited to build
on our strategic partnership with Luso Global Mining as we expand
our presence in Côte d’Ivoire through the Kossou Gold Project and
explore future opportunities.”
Alexander Shaw, CEO of LGM commented: “We are thrilled to
collaborate with the team at Kobo as they build on the success of
the Kossou Gold Project, positioning ourselves as Kobo's strategic
partner in these endeavors. Additionally, our goal is to support
Kobo's team in any other significant opportunities in the region.
Our parent company has a proven track record of success in West
Africa, and we look forward to extending our support to help
advance Kobo's strategic vision in the region.”
Each Unit consists of one common share in the capital of the
Company (a “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.
As previously announced, Luso Global Mining, B.V.
(“LGM”), a wholly owned subsidiary of Mota-Engil SGPS, S.A.
(“Mota-Engil”), has participated in the Offering as a lead
investor. LGM subscribed for an aggregate of 7,368,565 Units in the
Second Tranche, representing 7,368,565 Common Shares and 3,684,283
Warrants, for an aggregate subscription price of C$2,578,998.
Prior to the closing of the Second Tranche, LGM beneficially
owned, directly or indirectly, an aggregate of 2,857,143 Common
Shares and 1,428,571 Warrants subscribed under the First Tranche,
representing approximately 3.05% of the then issued and outstanding
Common Shares on a non-diluted basis, and 4.50% of the then issued
and outstanding Common Shares on a partially-diluted basis,
assuming the exercise of the Warrants held by LGM only. Immediately
following the closing of the Second Tranche, LGM beneficially owns,
directly or indirectly, 10,225,708 Common Shares and 5,112,854
Warrants, representing 9.99% of the issued and outstanding Common
Shares on a non-diluted basis, and 14.27% of the issued and
outstanding Common Shares on a partially-diluted basis, assuming
the exercise of the Warrants held by LGM only.
The securities of the Company beneficially owned, directly or
indirectly, by LGM, are held for investment purposes. LGM has a
long-term view of the investment and may acquire additional
securities including either on the open market or through private
acquisitions or sell the securities including either on the open
market or through private dispositions in the future depending on
market conditions, reformulation of plans and/or other relevant
factors.
An early warning report relating to this transaction will be
filed on SEDAR+ under the Company’s profile at www.sedarplus.ca. To
obtain a copy of such report, please contact Miguel Pinto de
Magalhaes Miguens at +351 927 520 913 . LGM is an entity governed
under the laws of The Netherlands indirectly wholly-owned by
Mota-Engil. The head office of LGM is situated at Kingsfordweg 151,
Office 01.26, 1043 GR, Amsterdam, The Netherlands. The head office
of the Company is located at 388 Grande-Allée Est, Quebec City, QC,
G1R 2J4.
The Units were issued pursuant to the “accredited investor” or
another exemption (other than the listed issuer financing
exemption) from the prospectus requirements in accordance with
National Instrument 45-106 – Prospectus Exemptions. The securities
issued under the second tranche of the Offering are subject to a
statutory hold period until November 3, 2024 in accordance with
applicable Canadian securities laws.
The Company paid finders’ fees in an aggregate amount of $1,540
in connection with the Second Tranche.
The Units and underlying Common Shares and Warrants have not
been registered under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”), or any U.S. state
securities laws, and may not be offered or sold to, or for the
account or benefit of, persons in the “United States” or “U.S.
persons” (as such terms are defined in Regulation S under the U.S.
Securities Act) absent registration under the U.S. Securities Act
and all applicable U.S. state securities laws or compliance with an
exemption from such registration requirements. This press release
is not an offer to sell or the solicitation of an offer to buy the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to qualification or registration under
the securities laws of such jurisdiction.
About Mota-Engil
Founded in 1946, Mota-Engil is a multinational organization with
expertise in construction, mining, and infrastructure management
across a number of sectors, including Engineering, Mining and
Construction, Environment and Services, Transport Concessions, and
Energy. Mota-Engil is a market leader in the Portuguese
construction industry, occupying a prominent position among the top
15 construction companies in Europe. Mota-Engil operates in 21
countries across Europe, Africa, and Latin America with a workforce
of over 50,000 employees and EBITDA exceeding €800 million in 2023.
More specifically, Mota-Engil operates in 13 African countries and
is the mining contractor for eight operating mines, including
Fortuna Silver's Séguéla Gold Mine and Endeavour Mining's Lafigué
Gold Project in Côte d’Ivoire, Managem's Gold Mines Boto in Senegal
and Tri-K in Guinea-Conakry, as well as for other mining operations
located in Angola, Guinea, Mozambique, and South Africa.
About Kobo Resources Inc.
Kobo Resources is a growth-focused gold exploration company with
a compelling new gold discovery in Côte d’Ivoire, one of West
Africa’s most prolific and developing gold districts, hosting
several multi-million-ounce gold mines. The Company’s 100%-owned
Kossou Gold Project is located approximately 20 km northwest of the
capital city of Yamoussoukro and is directly adjacent to one of the
region’s largest gold mines with established processing
facilities.
The Company is drilling to unlock the potential size and scale
of Kossou within 9+ km strike length of highly prospective gold in
soil geochemical anomalies with excellent rock and trench sampling
results. The Company completed ~6,000 m of RC drilling and ~5,400 m
of trenching in 2023 and is planning on additional drilling and
trenching in 2024. Significant gold mineralisation has been
identified at three main targets within a 300 m wide, 2+ km long,
pervasively altered structural corridor defining a potentially
large mesothermal gold system.
Kobo’s common shares trade on the TSX Venture Exchange under the
symbol "KRI”. For more information, please visit
www.koboresources.com.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement on Forward-looking Information:
This news release contains “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
statements”) within the meaning of the applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that involves discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as “expects”, “anticipates”, “plans”,
“estimates”, “believes” or “intends” or variations of such words
and phrases or stating that certain actions, events or results
“may” or “could”, “would”, “might” or “will” be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking statements. In this news release, forward-looking
statements include, but are not limited to; the proposed use of
proceeds; the completion of the Company’s business objectives, and
the timing, costs, and benefits thereof; development and
exploration costs; the Company’s ability to complete or not its
diamond drill program on the Kossou Gold Project and the Company’s
ability to conduct the proposed exploration program on its Kotobi
exploration permit, located in Côte d’Ivoire.
Forward-looking statements are necessarily based upon a number
of estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to: general business, economic, competitive, political and
social uncertainties; and the delay or failure to receive requisite
approvals. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on the
forward-looking statements and information contained in this news
release. Except as required by law, the Company assumes no
obligation to update the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240702983184/en/
For further information, please contact: Edward Gosselin Chief
Executive Officer and Director 1-418-609-3587 ir@kobores.com
Kobo Resources (TSXV:KRI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kobo Resources (TSXV:KRI)
Historical Stock Chart
From Jul 2023 to Jul 2024