Kobo Resources Inc announced a non-brokered private placement of up to 12,857,143 units at a price CAD 0.35 for gross proceeds CAD 4,500,000.05 and a brokered private placement of a maximum of 7,142,857 additional Units at a price CAD 0.35 for gross proceeds CAD 2,499,999.95 on May 16, 2024. Each Offered Unit is to be comprised of one Common Share and one-half of one common share purchase warrant. Each whole Warrant will entitle its holder to acquire one Common Share at a price of CAD 0.55 per share for a period of 24 months from the closing of the Offering.

The securities issued under the Offering will be subject to a statutory hold period in accordance with applicable Canadian securities laws and the securities issued under the Concurrent Financing will not be subject to a hold period in accordance with applicable Canadian securities laws. The Offering and the Concurrent Financing together are subject to the receipt by the Company of a minimum of CAD 2,500,000 in gross proceeds from either the Offering or a combination of both the Offering and the Concurrent Financing. Closing of the Offering and the Concurrent Financing may occur in one or more closings with the first closing expected to occur on or about May 30, 2024 and the final closing to occur no later than June 28, 2024 and are subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the receipt of the Minimum Offering Proceeds.