Ann: Cabinda Phosphate Fertilizer Project Funding Update, page-35

"At the time Atlantic only had a market cap of around $250m, so this is at a very high premium - over double based on the then share price. (Sept 2023). There were no shares issued, they invested at the project level. Atlantic's SP at the time was not beaten down like ours is."

I might be missing something here, but isn't the more beaten down the current sp is, the harder it is to raise at a premium? I'd think premium is something more attainable for a stock on positive momentum?

Also, we did have a strategic placement before. Last time it was a c. 20% discount. History is only a guide, but I think the odds of a premium here is slim.

"Minbos Resources Limited (ASX: MNB) (“Minbos” or “the Company”) is pleased to advise that the Company has received firm commitments to raise A$25 million (before costs) through the placement of 227,272,728 fully paid ordinary shares (“New Shares”) at A$0.11 per New Share from institutional, sophisticated and professional investors (“the Placement”), including participation by the Minbos directors and management team. The Placement was well supported by new domestic and international institutional investors, including a syndicate of investors led by Mr. Liang Feng, the Chairman of US $18 Billion Shanghai Putailai New Energy, seeking exposure to Ferro Phosphate, Lithium Ferro Phosphate and largescale Green Ammonia Projects, driven by Angola’s green energy infrastructure and Minbos’ plans for developing one of the most prospective agriculture regions globally. Placement Details The Placement issue price of A$0.11 represents an 18.5% discount to the last traded share price and a 22.1% discount to the 5-day VWAP prior to the Placement. The Placement comprises the issue of 227,272,728 New Shares via two Tranches as set out below: • 131,414,473 New Shares pursuant to the Company’s placement capacity under ASX Listing Rules 7.1 and 7.1A (“Tranche 1”); and • 95,858,255 New Shares subject to Shareholder approval at a General Meeting of Shareholders scheduled for August 2022 (“Tranche 2”). Minbos directors and management will be participating in the Placement for approximately $845,000."