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Cabinda Phosphate Project, work being undertaken to complete a bulk sample. Source: Minbos.
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  • Minbos Resources Limited (MNB) receives commitments to raise $6 million through the placement of 60 million fully paid ordinary shares
  • It’s for a price of $0.10 per new share to draw a range of investors, including participation from the Minbos directors and management team
  • Funds raised from the placement, along with Minbos’ existing cash reserves, will be used to complete the Cabinda phosphate project DFS and environmental approval programs
  • Justr over 54.8 million new shares according to Minbos placement capacity will be issued under the first tranche
  • Minbos Resources is trading sideways at 13.5 cents at 11:00 am AEDT

Minbos Resources Limited (MNB) has received commitments to raise $6 million through the placement of 60 million fully paid ordinary shares.

It’s for a price of $0.10 per new share to draw a range of investors, including participation from the Minbos directors and management team.

Funds raised from the placement, along with Minbos’ existing cash reserves, will be used to complete the Cabinda phosphate project DFS and environmental approval programs

Additionally, funding will allow finalizing the EPCM, contract mining and transport tenders, instalments on fabrication of the granulation plant and shipment, commencing green ammonia and soil carbon studies, and general working capital.

Just over 54.8 million new shares according to Minbos placement capacity will be issued under the first tranche.

The second tranche of 5.15 million shares is subject to shareholder approval at Minbos’ annual general meeting in late January 2022.

The tranche 1 new shares are expected to settle on Tuesday, 21 December 2021.

All new shares will rank equally with the company’s existing shares on issue.

The agents involved will be paid a cash fee of six per cent of the funds raised and will each be issued 1 million unlisted options at an issue price of $0.00001 each.

These options will also be issued under Minbos’ placement capacity.

Minbos Resources is trading sideways at 13.5 cents at 11:00 am AEDT.

MNB by the numbers
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