The upsized Offering is for up to 14,285,714 units of the Company (the 'Units') at a price of
The upsized Concurrent Financing is for up to 8,571,430 additional Units of the Company (the 'Additional Units' and together with the Units, the 'Offered Units') at a price of
The Units will be 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 (or, in
Each Offered Unit is to be comprised of one Common Share and one-half of one common share purchase warrant (each whole common share purchase warrant ('Warrant'). Each whole Warrant will entitle its holder to acquire one Common Share at a price of
The Offering and the Concurrent Financing together are subject to the receipt by the Company of a minimum of
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.
Closing of the Offering and the Concurrent Financing may occur in one or more closings with the first closing expected to occur on or about
There is an amended and restated offering document related to the Concurrent Financing that can be accessed under the Company's profile at www.sedarplus.ca and at www.koboresources.com. Prospective investors should read this offering document before making an investment decision.
The Company anticipates that certain 'related parties' of the Company will participate in the Offering. The participation in the Offering of such 'related parties' will constitute a 'related party transaction' as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company expects that the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of securities being issued to the related parties nor the consideration being paid by related parties will exceed 25% of the Company's market capitalization.
The Offered Units and underlying Common Shares and Warrants have not been registered under the United States Securities Act of 1933, as amended (the '
About
Kobo Resources is a growth-focused gold exploration company with a compelling new gold discovery in
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
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, statements regarding the Company's ability to obtain requisite approvals, including approval of the
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: failure by the Company to raise the Minimum Offering Proceeds; 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.
Contact:
Chief Executive Officer and Director
Tel: 1-418-609-3587
Email: ir@kobores.com
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