01:29 PM EDT, 09/11/2025 (MT Newswires) -- Kobo Resources ( KBRIF ) said Thursday it closed the first tranche of a non-brokered private placement of share units, raising $2.52 million.

The company placed 8.39-million units in the tranche, with each priced at $0.30 and made up of a share and one half of a two-year warrant to buy second share for $0.55.

Proceeds will support ongoing exploration at the Kossou Gold Project in Cote d'Ivoire, including extending known mineralized zones at three targets, initiating preliminary metallurgical work, advancing soil geochemical and trenching surveys, and enhancing the geological program on the Kotobi research permit.

"These funds allow us to push forward at a steady pace the ongoing drilling program initiated last week. And, we are glad that Luso Global Mining, one of our key shareholders, is a participant in the financing and has elected to maintain its 9.9% interest. We are excited to build on our strategic partnership with Luso Global Mining as we expand our presence in Cote D'Ivoire through the Kossou Gold Project and explore future opportunities," said chief executive Edward Gosselin.

Kobo Resources ( KBRIF ) shares were last seen down $0.005 to $0.29 on the TSX Venture Exchange.

Price: 0.29, Change: -0.01, Percent Change: -1.69