Finance > Capital-markets

Cobalt 27 ups the stakes

In what is becoming a common occurrence, Cobalt 27 (CN:KBLT) has increased the size of its equity offering on strong investor support.

Staff reporter

Finance > Capital-markets

Cobalt 27 ups the stakes

In what is becoming a common occurrence, Cobalt 27 (CN:KBLT) has increased the size of its equity offering on strong investor support.

Staff reporter

Cobalt 27 ups the stakes

Cobalt 27 has increased its equity offering on strong support

The company announced last week that it was looking for C$130 million (US$100.9 million) in a private placement to bolt on further royalties and streams to its physical cobalt holdings. This came shortly after agreeing to acquire a royalty on the Dumont nickel-cobalt project in Quebec, Canada.

It has now agreed to upsize the offering to $185 million, in the process issuing another 4.8 million shares at $11.40 apiece.

In the three times the company has gone to market looking for cash - including its June IPO - it has exercised, at least in part, an overallotment option as investors piled in to its register.

Should the deal complete, Cobalt 27 will have raised $489 million in the past nine months.

The company's shares closed at $12.40 per share on Tuesday, 9% higher than the issue price.

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