In This Article:
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2024) - Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) ("Kobrea" or the "Company") is pleased to announce that it intends to undertake a non-brokered private placement (the "Private Placement") of up to 11,726,907 units (each, a "Unit") at a price of $0.43 per Unit, for gross proceeds of up to $5,000,000.
Each Unit will be composed of one (1) common share of the Company (a "Common Share") and one (1) (1) Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to purchase one (1) additional Common Share at a price of $0.55 for 24 months from the date of closing.
The Company intends to use the net proceeds raised from the Private Placement for exploration activities and general working capital. Completion of the Private Placement is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the Canadian Securities Exchange. Securities issued through the Private Placement will be subject to customary restrictions on resale for four months and a day from the date of closing.
The securities to be issued pursuant to the Private Placement have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Kobrea
Kobrea Exploration Corp. is a mineral exploration & development company focused on the acquisition and exploration of base metal projects in North and South America.
Kobrea holds the right to earn a 100% interest in 7 projects totaling over 733 km2 in southwestern Mendoza Province, Argentina. The properties are considered highly prospective for porphyry copper and porphyry copper-gold deposits. Numerous porphyry copper targets have been outlined to date exhibiting multi-kilometre hydrothermal alteration footprints, anomalous copper ± gold ± molybdenum geochemistry, quartz stockwork veining, localized hydrothermal breccias and Miocene aged dacitic to dioritic porphyry intrusions.
Kobrea also holds a 100% interest in the Upland Copper Project in British Columbia, Canada.