I found two financial institutions operating in Angola I've found that offer Working Capital Facilities (just based on browsing their websites.)
Banco de Desenvolvimento de Angola (BDA) Bank of China Limited
There might be more Angolan banks that offer working capital services but don't advertise it on their websites (or if they do but it's buried deep in their websites that I can't find it) so it's on management to research, but based on my quick findings I would approach the BDA since it's state-owned and with the Angolan Government making US$500 mill of debt financing available, management should be able to get a working capital facility fairly quick since it's a short-term loan, and easier to get approval quicker than a traditional business loan.
As for the remaining US$11 mill loan for CAPEX, I imagine the loan application process could be expedited with BDA or any Angolan bank (leaning more towards state-owned banks). Since management has received approval from IDC for US$14mill, this heavily reduces the risk for any Angolan bank and should in theory reduce the due diligence process by a substantial amount of time IMO.
Whether this will all pan out as above and converting the Carrinho MOU off-take to a binding off-take before July is up for debate. I'm not confident in their ability to pull it all off before July, but hey, they can prove me wrong and I'd be happy with a good outcome.
MNB Price at posting:
6.9¢ Sentiment: Hold Disclosure: Held
