Kobrea completes $8.5 million private placement offering

Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) (OTCQB: KBXFF) has completed its previously announced private placement offering, raising $8.5 million in gross proceeds through the sale of 17 million units at $0.50 per unit.

Each unit consists of one common share and one-half of a common share purchase warrant. The warrants allow holders to purchase additional shares at $0.75 each for 24 months following issuance, with a 60-day hold period before exercise.

The offering comprised two tranches: a brokered portion of 7.75 million units generating $3.9 million, and a non-brokered portion of 9.25 million units raising $4.6 million. Kernaghan & Partners Ltd. served as lead agent for the brokered tranche, working with Beacon Securities Limited and Red Cloud Securities Inc.

The company paid $180,090 in cash commissions and issued 360,180 broker warrants for the brokered portion. For the non-brokered tranche, Kobrea paid $180,960 in finder's fees and issued 364,920 finder's warrants. Both broker and finder's warrants carry the same $0.75 exercise price and 24-month term.

Kobrea plans to use the net proceeds for drilling and exploration activities at its projects in Mendoza Province, Argentina, along with working capital and general corporate purposes.

The mineral exploration company holds rights to earn 100% interest in seven projects totaling 733 square kilometers in southwestern Mendoza Province, Argentina. The properties target porphyry copper and copper-gold deposits. Kobrea also maintains a 100% interest in the Upland Copper Project in British Columbia, Canada.

The securities were issued under National Instrument 45-106 prospectus exemptions and are not subject to resale restrictions under Canadian securities laws. The offering information is based on a company press release statement.

You May Also Be Interested In

• Magnolia Said In Lead To Acquire Wildfire For Over $4 Billion - Bloomberg
• Stardust Solar closes final tranche, raises $832,880 in total
• SEGG Media sues short seller for $20M over stock report