- Minbos Resources (MNB) has entered the day in a trading halt ahead of an upcoming capital raise
- So far, there are no details about how much the company is aiming to raise or where the money will be spent
- Under the halt, company shares will be paused until Thursday, February 18, or when more details about the raise are released to the market
- At the end of the December quarter, MNB had $1.7 million in the bank
- On the market, MNB last traded for 9.8 cents per share on February 15
Minbos Resources (MNB) has entered a trading halt ahead of an upcoming capital raise.
Currently, there are no details released about how much Minbos is aiming to raise and what the money will be used for.
The halt means company shares will be paused until Thursday, February 18, or when more details about the raise is released to the market — whichever comes first.
MNB is aiming to develop phosphate-bearing ore within the Cabinda Province of Angola.
Over the December quarter, the company burnt through $628,000 on operating activities. At the end of the period, MNB had $1.7 million in the bank.
Last month, Minbos signed a mineral investment contract for its Cabinda Phosphate Project in Angola, Central Africa.
Under the contract, the company will explore and exploit phosphate rock within the Cabinda’s concession area.
CEO Lindsay Reed called the contract an important milestone for the company.
“We are now able to move beyond a definitive feasibility study and commence implementation planning with government and stakeholders,” he said last month.
On the market, MNB last traded for 9.8 cents per share on February 15.