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Cobalt Blue directors support company by participating in entitlement issue

Rob Biancardi, Joe Kaderavek and Hugh Keller have purchased shares with a total combined value of almost $90,000.
Directors with a Tesla electric car
Company directors (from left) Joe Kaderavek, Hugh Keller and Rob Biancardi

Cobalt Blue Holdings Ltd (ASX:COB) directors continue to show great confidence in the company’s cobalt strategy supported by sulphur through participation in a non-renounceable entitlement issue.

Chairman Rob Biancardi has purchased 158,333 shares with a total value of $19,000 and now holds more than 3.515 million shares in indirect interests.

Chief executive officer Joe Kaderavek has purchased 462,585 shares with a total value of more than $55,500.

He now holds more than 3.387 million shares in indirect interests.

READ: Cobalt Blue Holdings raising up to $2.49 million for Thackaringa Cobalt Project

Director Hugh Keller purchased 125,834 shares with a value of more than $15,000 and now holds almost 881,000 shares in direct and indirect interests.

COB shares today are up more than 7% to 15 cents.

The company is raising up to $2,491,871 via the 1 for 6 non-renounceable entitlement issue to shareholders.

Blue Ocean Equities is acting as lead manager and will fully underwrite the entitlement issue.

READ: Cobalt Blue raising funds to support large-scale test work at Thackaringa project

COB will use the funds to support further development of the Broken Hill Cobalt Project in far west NSW, including drilling, geological and geotechnical work, mine planning, engineering, financial and metallurgical studies.

COB is continuing to enhance economics at the project, formerly called the Thackaringa project, and recently released a significant boost in cobalt resources.

The resource now comprises 111 million tonnes at 889ppm cobalt-equivalent for 79,500 tonnes of contained cobalt at a 400ppm cobalt-equivalent cut-off.

READ: Cobalt Blue Holdings Ltd enters sulphur agreement with Mitsubishi Corporation, shares jump

Elemental sulphur is also a potential extra revenue stream from the project and the company recently entered into an agreement with Mitsubishi Corporation for market evaluation of this product.

The company, which is targeting annual production of up to 4,000 tonnes of cobalt and 300,000 tonnes of elemental sulphur, believes the Mitsubishi agreement will help facilitate its sulphur aims.

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