Ann: Trading Halt, page-63

A few points about this CR

I’ve heard from other sources what Jibbybagger posted earlier re the CR is correct. that is $6m @ 7c with oppies (he was correct last time).

I believe the oppies are not 1:1 (like the last CR MNBOB) and the exercise price is above the current SP which is good.

I wondered why they would need funds given the apparent excess of funds with SWF, IDC & BAI.

In the BAI loan announcement, the 5th dot point says:

“Funds to be used for construction of the Project to supply critical phosphate fertilizer for the 2025 planting season”

I would not at all be surprised if the SWF had a similar stipulation.

That means for Head Office admin and the progress of other projects like GA, - these funds cannot be used, which in hindsight does make sense because as someone posted, the SWF are only invested in Phobos which doesn’t include GA. Phobos being 22% owned by the SWF could hardly be expected to fund Minbos’ GA project or their Admin etc. The same goes for the BAI loan, this is to Soul Rock (not Minbos) which is 85% owned by Minbos. Again the minority shareholders could hardly be expected to finance GA + Admin etc.

One thing I would like clarified is whether Minbos can charge Phobos & Soul Rock a percentage of their overheads for running the phosphate project?

So with hindsight, I should have seen this coming.

Hopefully they’ll be able to build their book with existing holders & other long term investors, we’ll probably see the full details Monday & it’s also not a given they’ll raise the full $6m.