In This Article:
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2024) - Kobrea Exploration Corp. (CSE: KBX) (FSE: F3I) ("Kobrea" or the "Company") announces that, further to its news release dated December 12, 2024, the Company has completed its non-brokered private placement of units of the Company ("Units") by issuing a total of 11,627,907 Units at a price of $0.43 per Unit for aggregate gross proceeds of $5,000,000 (the "Private Placement").
Each Unit is comprised of one (1) common share of the Company (a "Common Share") and one (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 until December 20, 2026.
In connection with the Private Placement, the Company paid aggregate finders fees of $27,735 and issued 64,500 non-transferable share purchase warrants (each, a "Finder's Warrant") to certain eligible finders. Each Finder's Warrant entitles the holder thereof to acquire one (1) Common Share at a price of $0.55 per share until December 20, 2026.
All securities issued pursuant to the Private Placement are subject to a hold period expiring April 21, 2025, being the date that is four months and one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the net proceeds raised from the Private Placement for exploration activities and general working capital.
The securities 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.