"Company will progress towards first production at the Cabinda...

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Red Baron

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11/04/24

15:04

Post #: 73298376
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Originally posted by kingrose: ↑

Just so there is no more guessing

Dear Investor,

Background

Four weeks ago, Minbos entered a trading halt to raise funds for project construction. During this time,partnership opportunities were presented to the Board to which the Board felt prudent to explore, leading theBoard to determine that maintaining the suspension of the Company's shares was in the best interests ofshareholders and to facilitate the completion of previously announced financing activities.
Existing substantial shareholder, Shanghai Jayson, has had an internal change of circumstances that ultimatelyprecluded its ability to partake in this equity raising for the previously anticipated investment amount of $4 million.
The Board has continued to progress discussions with other potential financiers in Angola for a working capitalfacility related to the Cabinda Phosphate Project following commencement of production. The Company remainsconfident these discussions will lead to firm funding commitments in the coming months. The Company alsoremains engaged in advanced discussions with a number of strategic investors interested in both the CabindaPhosphate and Green Ammonia Projects.
The Company, also secured investment committee approval from South Africa’s IDC for a US$14m (AU$20m)debt financing that will satisfy all of the debt funding needs of the Company to complete construction in relation toits Cabinda Phosphate Project.
Cabinda Phosphate is a project of Angolan national importance. The company has briefed the government onprogress and as a result is having advanced discussions for funding via the Angolan institutions to acceleratedevelopment of Minbos’ projects.
Placement to raise $10m at 7c
The terms of the proposed placement have changed with a one (1) for one (1) free attaching option added to the7c per share placement. Each option will be listed subject to ASX requirements, have an exercise price of A$0.07and an expiry date that is 24 months from its issue date. The issue of these options will be subject to shareholderapproval which is anticipated to be obtained in late May 2024.
Following the successful completion of the placement, the Company's securities will be reinstated to trading onASX and the Company will progress towards first production at the Cabinda Phosphate Project (anticipated to bein the second calendar quarter of 2025).

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"Company will progress towards first production at the Cabinda Phosphate Project (anticipated to be in the second calendar quarter of 2025)."

A six month build, 1st production 2Q of 2025 insinuating they won't start production till 3Q this year!

Whilst I realise they've missed the growing season this year, I didn't expect such a big delay in construction.
Also very hard to believe Shanghai Jason can't afford A$4m. Really it's headed by the Chairman of CATL the 38th richest person in the World whose reported wealth is US$31.8 Billion. Sounds like Minbos has managed to piss them off.

MNB Price at posting: 9.2¢ Sentiment: Buy Disclosure: Held
1 Upvote

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(20min delay)
Last 5.6¢		Change 0.002(3.70%)		Mkt cap ! $46.71M

Open	High	Low	Value	Volume
5.6¢	5.6¢	5.6¢	$8.403K	150.0K

Buyers (Bids)

No.	Vol.	Price($)
3	495652	5.4¢

Sellers (Offers)

Price($)	Vol.	No.
5.6¢	203952	2

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No.	Vol.	Price($)
3	495652	0.054
4	217830	0.053
4	175230	0.052
4	617640	0.051
8	502000	0.050

Price($)	Vol.	No.
0.056	203952	2
0.057	384000	1
0.058	494309	5
0.059	75000	2
0.062	39888	1

Last trade - 10.04am 07/05/2024 (20 minute delay)

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"Company will progress towards first production at the Cabinda...

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