Great news, this totally derisks the Bank finance & offtake for...

Great news, this totally derisks the Bank finance & offtake for reasons I’ve previously mentioned and at a nice premium to the last SP.

Africa being Africa I expect the execution of the transaction documents to take a while.

In the interim we should get the Bank Finance and the offtake agreement, after that I suspect we’d be trading at a good premium to 8c, so the 10 day VWAP is IMO very likely to be above 8c. That gives the Wealth Fund a good incentive to get this signed asap.

Just as with placements, the SP eventually comes down to the discounted placement price, with investments like this the SP usually goes up to the - in this case 8 cents.

I’m also glad we only did the $10m not $15m, this can be done under our normal 15% placement rule and the extra 10% already approved at the last AGM, so it won't need shareholder approval.

We’ve been trading in the 5-6c region now for just under 4 months, it always takes the market a while to find what it thinks is the new value for Minbos. I’d suggest once the other 2 CPs are ticked off it will be significantly higher than our present SP.