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.