@chuk Suggest you focus on all company announcements As included...

@chuk

Suggest you focus on all company announcements

As included in MNB announcement

Soul Rock Lda
On 23 February 2023, the Company’s wholly-owned subsidiary, Phobos Ltd,
acquired 85% of the shares of the Angolan entity, Soul Rock-Prospecção,
Exploração De Fosfato, Produção e Comercialização de Fertilizantes, Lda
(Soul Rock Lda), which followed the signing of its Private Investment Contract with
Angola’s Agency for Private Investment and Promotion of Angolan Exports
(Agencia de Investimento Privado e Promoção das Exportações de Angola or
AIPEX) with respect to the investment in Soul Rock Lda on 22 December 2022.
The Private Investment Contract defines the level of minimum investment
required to be made by the Company and confirms certain tax incentives and
local employment requirements.
The Company has committed to a minimum investment, in the form of loans and
capital, that total US$21.36 million.
Although the Company is the majority shareholder of Soul Rock Lda, the
Company’s ability to achieve its objectives in respect of Soul Rock Lda is
somewhat dependent upon it and AIPEX complying with their obligations under
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the Private investment Contract giving rise to the parties’ interest, and any other
applicable legislation. Any failure to comply with these obligations may result in
the Company losing its interest in Soul Rock Lda, which may have a material
adverse effect on the Company’s operations and the performance and value of
the Company’s Securities.
The Company has no current reason to believe that AIPEX will not meet and
satisfy its obligations under the Private investment Contract and other applicable
legislation. There is also a risk of financial failure or default under the Private
investment Contract by AIPEX. Any withdrawal by AIPEX or any issues with their
ability to perform the obligations due under the Private investment Contract
could have a material adverse impact on the financial position of the Company.
There is also the risk of disputes arising with AIPEX, the resolution of which could
lead to delays in the Company’s proposed development activities or financial
loss.