The IDC has approved US$14mill but wanted to see MNB also raise at least US$10mill in equity as well as arrange a US$10mill loan to cover working capital requirements ahead of first revenues. Those are pre-conditions for the IDC loan. Around US$4mill was raised in equity in a cr just after the IDC approval leaving US$6mill as a minimum requirement to satisfy that pre-condition. Minbos is seeking a minimum US$10 ($10-15mill) from the Angolan Sovereign Wealth Fund which would also cover the stage two expansion and bring forward much better revenues from year 7 to year 1 or 2.
MNB Price at posting:
6.5¢ Sentiment: Buy Disclosure: Held
