Source: Minbos Resources
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Minbos Resources (MNB) will raise $25 million via a placement after receiving firm commitments from institutional, sophisticated and professional investors
  • The placement will issue roughly 227 million new shares at an issue price of 11 cents per share and will also include participation by company directors and the management team
  • Proceeds from the placement will be used on projects that Minbos will collaborate on with its new partners
  • Shares in Minbos hold steady at 13.5 cents as of 3:53 pm AEST

Minbos Resources (MNB) will raise $25 million via a placement after receiving firm commitments from institutional, sophisticated and professional investors.

The placement will issue approximately 227 million new shares at an issue price of 11 cents per share and will also include participation by Minbos directors and the management team.

The issue price represented a 18.5 per cent discount to the last traded price and will issue shares in two tranches with the second scheduled for August.

Minbos’ board and management participation will raise up to $845,000 during the placement.

A syndicate of investors led by Liang Feng, Chairman of the US$18 billion (A$26.7 billion) Shanghai Putailai New Energy, one of the world’s largest battery anode producer will subscribe for $15 million.

The company said the syndicate approached the company looking to partner in developing some of the “most exciting” green energy projects globally.

Commenting on the placement, CEO Lindsay Reed said the company is very pleased with the strong demand but is more excited to work with its new partners on ferro phosphate and lithium ferro phosphate for batteries and large-scale green ammonia projects.

Proceeds of the placement will be used on projects that Minbos will collaborate on with its new partners.

“It will see us deliver our definitive feasibility study and commence construction for the Cabinda Phosphate Fertilizer Plant and undertake initial technical studies with our green ammonia technical partner, Stamicarbon, for the Capanda Green Ammonia Project,” Mr Reed elaborated.

Shares in Minbos held steady at 13.5 cents as of 3:53 pm AEST.

MNB by the numbers
More From The Market Online
The Market Online Video

Market Close: Green lights up on ASX for Easter hunt go

The ASX200 closed the day in record territory - nearly a per cent up with every…

Week 13 Wrap: Easter bunny delivers new all time high for ASX200

Another week, another all time high. The ASX200 clocked 7,901pts on Thursday for the first time…

Market shrugs as Fisher & Paykel announces mass recall

Fisher & Paykel has initiated a voluntary limited recall of batches of Airvo 1 and my…
The Market Online Video

Market Update: ASX glows red hot with another hit record

The ASX200 is trading up, hitting a new high of 7901 point and eclipsing the last…