Kobex Minerals Inc. (
TSX: V.KXM,
Stock Forum) said Friday it is planning to change its business from mining to investment banking.
In light of the current state of the mineral exploration and mining sector and given the skill sets of the board, the management and board believe that the optimal allocation of the company’s working capital would be within the framework of an investment company or resource focused merchant bank.
The company said in a press release it is proposing to change its business rather than as a mineral exploration or mining corporation where its working capital would be spent on a limited number of mineral projects.
On Friday, the stock was off 1.8% to 54 cents, leaving a market cap of $24.7 million, based on 45.7 million shares outstanding. The 52-week range is 66 cents and 48 cents.