Minbos shareholder tempts with cash
PERTH (miningweekly.com) – Phosphate developer Minbos Resources will raise A$3.85-million from its largest shareholder Green Services Innovation, which has exercised and paid 385-million options, at 1c each.
An additional 310-million shares will be exercisable at the end of December this year, also at 1c each.
Minbos told shareholders that the exercise price represented a 61% premium over the company’s 20-day volume weighted average price, and 25% over the last trading price.
Minbos recently signed a nonbinding term sheet to buy its Angolan joint venture (JV) partner, Petril Phosphate, in a transaction valued at about A$20-million.
Under the terms of the merger, Petril shareholders will have the right to match any option exercised by the end of December this year, by subscribing for new shares at an issue price of 1c each. If all options are exercised and matched by Petril shareholders, Minbos will raise just over A$14-million to apply towards the development of the merged Angolan phosphate portfolio.
Under the proposed merger of equals, Minbos will acquire all shares in Petril in a mostly scrip transaction, that will result in Petril and Minbos shareholders each owning about 50% of the enlarged company.
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