Minbos has announced A$1.5 million option underwriting agreement

Highlights:

• Alpine Capital Pty Ltd (Alpine Capital) has entered into an agreement with the company to underwrite the shortfall on exercise of 30 000 000 unlisted Minbos options, which are exercisable at A$0.05 each on or before 5pm (WST) on 18 November 2024, ensuring the company receives the full A$1.5 million from exercise of the options.
• Demonstrating his commitment to the Cabinda Phosphate Project, Managing Director, Lindsay Reed, exercised A$300 000 of his options and former Minbos Directors, Peter Wall and Bill Oliver, exercised A$325 000 and A$90 000 of their options respectively.
• In conjunction with the recently announced US$10 million raised from the Angola Sovereign Wealth Fund, proceeds from the exercise of options will be used to advance construction activities at the Cabinda Phosphate Project.
• The options were issued in late 2020 to the company board and management following the successful tender for the Cabinda Phosphate Project.
• In just four years since the company was awarded the Cabinda Phosphate Project, Minbos has delivered: more field trials in Angola than any other company or Government organisation; awarded its Mining Investment contract, designed, manufactured, delivered and paid for the Cabinda Phosphate Plant during COVID era restrictions; and completed a definitive feasibility study with a published NPV of US$203 million.
• Alpine Capital will be paid a fee of A$50 000 in return for underwriting the shortfall on exercise of the options. The underwriting agreement is otherwise on standard commercial terms with the shortfall shares anticipated to be issued on Friday, 22 November 2024.

Read the article online at: https://www.worldfertilizer.com/project-news/18112024/minbos-has-announced-a15-million-option-underwriting-agreement/