New World Resources Limited (ASX:NWC) announced the spin-off of Portfolio of Cobalt Assets in North America on April 13, 2021. The New World intends to pursue a demerger of these assets into a separate corporate entity (“NewCo”) and the entity would seek to list on the ASX during 2021 by way of an initial public offering. In conjunction with the IPO, shareholders in New World would receive an in-specie distribution of shares in NewCo, thereby providing them ongoing exposure to the cobalt assets. The transaction is subject to shareholder and other requisite approvals. Subject to completion of the Offer and shareholder approval, the anticipated ASX listing date is currently 27 April 2022. On March 4, 2022, Koba lodged a Prospectus with ASIC to raise AUD 8 million via the offer of
40,000,000 new Shares at an issue price of AUD 0.20 per Share. Oversubscriptions may be accepted for up to a further AUD 1,000,000. The conditions to completion of the Offer include (i) New World shareholder approval for the In-Specie Distribution; (ii) the Company raising a minimum of AUD 8,000,000 under the Offer; and (iii) ASX approving Koba's application for admission to the Official List of ASX and Koba receiving conditional approval for quotation of its Shares. Eligible New World shareholders registered on the record date, anticipated to be 20 April 2022, will be entitled to participate in the planned In-Specie Distribution of 20 million existing Koba shares.

New World Resources Limited (ASX:NWC) completed the spin-off of Koba Resources Limited on April 26, 2022. Koba also advises that it was admitted to the official list of the ASX on 2 May 2022, under the ASX code “KOB”. It is expected that Koba shares will commence trading on the ASX at 11:00am (AEST)
on Wednesday, 4 May 2022. The demerger, which was undertaken via the in-specie distribution of 20,000,000 Koba Shares to New World shareholders, was completed on 26 April 2022, with the final distribution ratio 1:79.845164.