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Minbos raises $3.4m for Angola phosphate study

19th February 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – To fund a bankable feasibility study at its 50%-owned Cabinda phosphate project, in Angola, ASX-listed Minbos Resources has entered into a subscription agreement with investment company Green Services Investment to raise $3.4-million, through the placing of 680-million shares at $0.005c apiece.

The placement would be conducted in two tranches, with the first consisting of the issue of 268-million shares, aimed at raising $1.3-million.

The second tranche would comprise 412-million shares, aimed at raising the remaining $2.1-million, as well as the issuing of 385-million options at an exercise price of $0.01, expiring December 30. Including the options, both tranches would raise $7.2-million.

Minbos CEO Lindsay Reed highlighted that the strong support from Green Services was encouraging. “This significant investment underlines the potential value of the Cabinda project,” he added.

With a ten-year mine life, the 391.3-million-ton project was spread across the southern part of the Republic of Congo, the north-western part of Angola and the western part of the Democratic Republic of Congo.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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