Minbos Resources secures $4.4M placement to drive key projects
Full story: https://grafa.com/news/mining-minbos-resources-secures--4-4m-placement-to-drive-key-projects-332313
Minbos Resources (ASX:MNB) has secured firm commitments to raise approximately $4.4 million through a placement to sophisticated and professional investors.
The placement involves issuing around 62.9 million fully paid ordinary shares at 7 cents per share.
The funds raised will support the ongoing development of key projects, including the Cabinda Phosphate Project, the Lobito distribution hub, green ammonia feasibility studies, and general corporate operations.
The company recently fortified its financial backing with a US$10 million ($15.7 million) equity investment from the Angolan Sovereign Wealth Fund and loan agreements totalling US$26 million ($40.8 million) for the construction of the Cabinda Fertiliser Plant.
Minbos highlighted the strategic importance of these financial commitments.
"The US$12 million Banco Bai term loan, coupled with the US$14 million IDC loan facility and the US$10 million equity investment from the Angolan Sovereign Wealth Fund will allow Minbos to complete both Stage-1 construction and the Stage-2 expansion of the fertiliser plant," stated the company in its announcement.
Director participation in the placement amounts to $350,000, pending shareholder approval.
The issued shares will rank equally with existing shares, and additional options will be provided to placement participants.
Completion of the deepwater Port at Caio is scheduled for December 2025, which will play a crucial role in Minbos' strategy to engage actively in export sales opportunities, potentially targeting markets in Asia and South America.
At the time of reporting, Minbos Resources' share price was $0.070.
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