- Minbos Resources (MNB) has received firm commitments to undertake a $7.3 million placement
- Approximately 91.25 million fully-paid ordinary shares will be issued to sophisticated investors at 8 cents
- Participants will also receive one free option for every two shares subscribed for, exercisable at 15 cents two years from the date of issue
- Minbos will use the money to further definitive feasibility study (DFS) activities at the Cabinda Phosphate Project in Angola
- Once the DFS activities wrap up in November, the data is expected to add significant value for the company and the project
- Minbos has ended the day a healthy 17.4 per cent in the green with shares trading at 11.5 cents
Minbos Resources (MNB) has received firm commitments to undertake a $7.3 million placement.
The oil and natural gas company entered a trading halt on February 16 but did not disclose how much it intended to raise or what it would use the funds for.
Approximately 91.25 million fully-paid ordinary shares will be issued to sophisticated investors at 8 cents.
Participants will also receive one free option for every two shares subscribed for, exercisable at 15 cents two years from the date of issue.
Subject to shareholder approval, Peter Wall, Paul McKenzie and Graeme Robertson will subscribe for a total of $200,000.
Minbos will use the money to further definitive feasibility study (DFS) activities at the Cabinda Phosphate Project in Angola.
Once the DFS activities wrap up in November, the data is expected to add significant value for Minbos and the project.
“We are delighted by the strong support for the placement which has fully funded our definitive feasibility study and provided capacity for the company to move on growth opportunities that our project makes possible,” CEO Lindsay Reed said.
“With its mix of environmental, social and governance, impact and strong mining economics, the Cabinda Phosphate Project is one of the most exciting and rewarding projects I have been involved in,” he added.
Minbos has ended the day a healthy 17.4 per cent in the green with shares trading at 11.5 cents in a $42.51 million market cap.