06:26 AM EDT, 07/03/2024 (MT Newswires) -- Kobo Resources ( KBRIF ) overnight Tuesday said that it has raised about $3 million with the second tranche of a non-brokered private placement of units.

Under the second tranche of the offering, about 8.6 million units were issued at $0.35 apiece. Together with the first tranche, the company has raised about $7.4 million.

Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant allows its holder to acquire one common share at $0.55 apiece until June 4, 2026.

The company plans to use the proceeds of the offering and the concurrent financing to expand its 2024 diamond drill program on its Kossou exploration permit; launch a soil geochemical survey and a geological exploration program on the Kotobi research permit; and for general corporate and working capital purposes.