08:11 AM EDT, 08/20/2025 (MT Newswires) -- Kobo Resources ( KBRIF ) , which lost 6% yesterday, on Wednesday said it intends to complete a non-brokered private placement of up to 10 million units at a price of $0.30 each for gross proceeds of up to $3.0 million.

A statement noted that each unit will be comprised of one common share and one-half common share purchase warrant. Each warrant will entitle its holder to acquire one common share at a price of $0.55 for a period of 24 months from the closing date.

Edward Gosselin, CEO and Director of Kobo, said: "After the completion of the diamond drilling program in 2024 and 2025, we look forward to expanding our exploration efforts at our Kossou Gold Project in the second half of 2025. Following the expected closing of this financing, the additional capital will enable us to enhance our current exploration initiatives in 2025 on our three main targets, for the Kossou Gold Project."

The company said it intends to use the net proceeds of the offering to pursue its exploration initiatives initiated in the first half of 2025 and extend the known zones of mineralisation at its three main targets, the Road Cut Zone, Jagger Zone and Kadie Zone on the Kossou Gold Project, initiate preliminary metallurgical work and further develop its ongoing soil geochemical and trenching survey at Kossou as well as to enhance the geological exploration program on the Kotobi research permit and for general corporate and working capital purposes.

Closing of the offering may occur in one or more closings with the first closing expected to occur on or about August 28, 2025 and the final closing to occur no later than September 5, 2025.

KRI was down $0.02 to $0.315 in Canada yesterday.