Ann: Minbos Investor Presentation - Angola Rising, page-5

Always a possibility, though I doubt it. Such presentations usually come out after the Trading Halt while brokers build the book.

They have on numerous occasions stated it will be non dilutionary funding, $14m from IDC leaves US$12m, if they were going to raise funds through a placement, I think it would go to the strategic partnership investors they talk about. They don't need a presentation for that. I said yesterday SJ had 17%, but notice they show HongKong Jayson as the top shareholder at 12% (the syndicate have 17%). Quite possible for the syndicate to avoid the 19.9% limit by buying individually, or even a GA partner invest, however as I said unlikely.

They talk of 200kt to the potential S African partner, they'd only need to prepay 50kt @ $300/t to get US$15m and don't forget the SJ $25m debt term sheet.