Further to my last post, if Lindsay's intention is for the SWF to invest some of that $10m into a subsidiary to minimise dilution of the GA project, then the GA project will need to be owned by a subsidiary that the SWF isn't invested in. So the way I see it (happy to be corrected) either Lobos or Verdebos will need to own the GA project (Minbos would own 100% of Lobos or Verdebos). The SWF would still have exposure to the GA project because of it's holding of Minbos shares, however some of it's $10m investment would be directly into Phobos which owns 85% of the Phosphate project
If that was the case, there would be no real reduction in dilution of the Phosphate project. This is because although less shares would be issued, Minbos would no longer own 100% of Phobos.
MNB Price at posting:
6.3¢ Sentiment: Buy Disclosure: Held
