Koba Resources Limited (ASX:KOB), a company focused on mineral exploration, today announced the results of its non-renounceable rights offer, which closed on June 27, 2025. The Entitlement Offer allowed eligible shareholders to subscribe for one new share for every five existing shares held on the record date, at an issue price of $0.036 per share. Each new share came with one attaching unlisted New Option for every two New Shares subscribed for, as detailed in the Prospectus dated June 3, 2025.
By the closing date, Koba Resources received acceptances for 10,630,661 New Shares under the Entitlement Offer, representing approximately 33.5% of the total entitlements available. Additionally, the company received acceptances for 1,662,648 New Shares under the Shortfall Offer, which accounts for a further 5.2% of the total entitlements. In total, the company raised $442,560 through the combined Entitlement Offer and Shortfall Offer acceptances.
As a result, Koba Resources has issued 12,293,309 New Shares and 6,146,639 New Options on July 4, 2025. Each New Option is exercisable at $0.08 on or before June 30, 2028. The directors reserve the right to place the remaining 19,418,817 New Shares under the Shortfall Offer, along with one attaching New Option for every two New Shares subscribed, at their discretion within three months of the closing date, as outlined in the Prospectus.
The net proceeds from the Entitlement Offer and Shortfall Offer acceptances will be used to fund exploration activities on the company’s Yarramba Project and to cover the costs of the offer. For further information, shareholders and interested parties are encouraged to contact Ian Cunningham, Company Secretary, at +61 8 9226 1356.
