Kobo Resources Inc. files final prospectus for initial public offering

Not for distribution to U.S. news wire services or dissemination in the United States.

Montréal, Québec, April 6, 2022 – Kobo Resources Inc. (“Kobo” or the “Corporation”) is pleased to announce that it has filed with the securities regulatory authorities in the provinces of British Columbia, Alberta, Ontario and Québec, and obtained a receipt for, a final long-form prospectus (the “Final Prospectus”) for a proposed initial public offering of units of the Corporation (“Units”) for a minimum aggregate gross proceeds of $5,000,000 and up to a maximum aggregate gross proceeds of $10,000,000 (the “Offering”).

The issue price for each Unit is $0.35. The number of Units to be sold pursuant to the Offering has not yet been determined.

Each Unit consists of one common share of the Corporation (a ”Common Share”) and one-half of one Common Share purchase warrant of the Corporation (a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share for a purchase price of $0.40 per Common Share for a period of three years the closing of the Offering.

The Offering will be conducted on a “best efforts” basis by Echelon Wealth Partners Inc. as lead agent on behalf of a syndicate of agents that includes Laurentian Bank Securities and Leede Jones Gable Inc. (collectively, the “Agents”). The Corporation has granted the Agents an over-allotment option to purchase up to such additional number of Units, Warrants, Common Shares, or a combination thereof, as is equal to 15% of the Units offered and sold in the Offering exercisable in whole or in part at any time for a period of 30 days after and including the closing of the Offering.

The Final Prospectus contains important information relating to Kobo, the Units and the Offering. Copies of the Final Prospectus, technical report NI 43-101 and marketing materials are available on SEDAR at www.sedar.com.

The closing of the Offering is expected to occur on or about April 30, 2022 and is subject to customary closing conditions, including the receipt of all necessary regulatory approvals. The TSX Venture Exchange (the “TSXV”) has conditionally approved the listing of the Common Shares, including those to be issued and sold pursuant to the Offering. Listing is subject to the approval of the TSXV in accordance with its original listing requirements including Kobo’s fulfilling customary TSXV requirements. The Common Shares are expected to commence trading on the TSXV under the symbol “KRI” on the closing date of the Offering.

The net proceeds of the Offering will be used to fund the planned exploration program at the Corporation’s Kossou Gold Project, exploration activities at its Bongouanou Project, working capital and general corporate purposes, as set out in the Final Prospectus.

No securities regulatory authority has either approved or disapproved the contents of this news release. This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Kobo in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

The Corporation’s securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered, sold or delivered, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act). Accordingly, the Corporation’s securities may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Kobo

Incorporated in December 2015 and headquartered in Quebec City, Kobo is a junior exploration and mining development company focused on acquiring, exploring and developing gold projects located in West Africa, primarily in Côte d’Ivoire. Kobo has, through its wholly owned subsidiary KOBO Ressources C.I., obtained two research permits for gold covering approximately 449 km². Kobo’s primary objective is the exploration and development of the Kossou Gold Project, located in the Yamoussoukro and Bouaflé regions of central Côte d’Ivoire, and which covers an area of 147.365 km². The Kossou project is located 6 km east of the Yaouré Gold Deposit exploited by Perseus Mining since March 2021.

Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of Canadian securities laws. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements regarding the details of the Offering, the closing of the Offering and satisfaction of related closing conditions, the ability for Kobo to obtain final TSXV approval, the potential exercise by the Agents of the over-allotment option, the use of proceeds, the listing of the Common Shares and Kobo’s business. Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although Kobo believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Kobo can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially those described in such forward-looking information include, but are not limited to, negotiations with the Agents concerning the particulars of the Offering, inability to raise the money necessary to complete the Offering, the listing or other conditions imposed by the TSXV for the listing of the Common Shares, other regulatory approvals required for the closing of the Offering, as well as those risks and uncertainties discussed in the section entitled “Risk Factors” of the Final Prospectus available on SEDAR at www.sedar.com. The forward-looking information in this news release reflects the current expectations, assumptions and beliefs of Kobo based on the information currently available to the Corporation. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Kobo disclaims any intent or obligation to any forward-looking information, whether as a result of new information, future events or otherwise.

For further information, please contact:
Investor Relations
Edouard Gosselin, CEO
info@koboresources.com