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MINBOS RESOURCES LIMITED — Capital/Financing Update 2014
Jun 10, 2014
65355_rns_2014-06-10_7d118f88-23d8-480f-a337-e883ba67bdc2.pdf
Capital/Financing Update
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ASX Code: MNB PERTH OFFICE 278 Barker Road Subiaco WA 6008 Australia T: +61 8 6102 7724 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
ASX ANNOUNCEMENT/MEDIA RELEASE
Renounceable Entitlement Offer
Minbos Resources Limited ACN 141 175 493 ( ASX: MNB ) ( the Company ) is seeking to raise up to approximately $1,752,894 (before costs) through a pro rata renounceable entitlement offer of two (2) fully paid ordinary shares in the capital of the Company ( Share ) for every one (1) Share held by eligible shareholders on 18 June 2014 at an issue price of $0.003 per Share ( Offer ).
Indicative use of proceeds of Offer
| Item of Expenditure | Amount | % |
|---|---|---|
| Funds toprogress the divestment of the Kanzi Project | $100,000 | 6% |
| Funds to secure the renewal of the Cabinda exploration licences | $249,000 | 14% |
| Australianphosphate exploration | $20,000 | 1% |
| Repayment of Convertible Notes & Finance Fees | $772,000 | 44% |
| Expenses of the Offer | $130,399 | 7% |
| General administration and workingcapital | $481,495 | 27% |
| TOTAL | $1,752,894 | 100% |
The above expenditure budget is approximate and indicative only and may change according to circumstances prevailing at the time.
Summary of the Offer
-
The Offer comprises two (2) new Shares for every one (1) existing Shares held by existing eligible shareholders on the record date at $0.003 per Share.
-
Eligible shareholders will comprise those shareholders with a registered address in Australia and New Zealand, or any other shareholders in other jurisdictions to whom the Company decides to make offers.
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Shares issued under the Offer will rank equally with existing Shares on issue on the record date. The Company will make application for official quotation of the new Shares proposed to be issued under the Offer.
-
Up to approximately 584,297,876 Shares will be issued pursuant to the Shareholders who do not take up all or any part of their entitlement will not receive any payment or value in respect of the entitlement not taken up and their equity interest in the Company will be diluted.
11 June 2014
ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: [email protected]
W: www.minbos.com
ABN: 93 141 175 493
- A top-up facility will be available allowing eligible shareholders to apply for additional Shares over and above their entitlements (additional Shares will be allotted to the extent there is a shortfall under the Offer).
Timetable
Further details of the Offer, including details on how to accept and key risks of the Offer, will be set out in an offer document which is expected to be released to the ASX and despatched to shareholders in accordance with the timetable of relevant events and dates relating to the Offer outlined below. These events and dates are indicative only and subject to change. Subject to the ASX Listing Rules, the Corporations Act and other applicable laws, the Company’s Board reserves the right to modify all dates, including the Offer closing date.
Timetable
| Event | Date |
|---|---|
| Lodgement of Offer Document & Appendix 3B with ASX |
11 June 2014 |
| Notice sent to Optionholders | 11 June 2014 |
| Notice sent to Shareholders | 13 June 2014 |
| Ex date | 16 June 2014 |
| Rights start trading | 16 June 2014 |
| Record Date for determining Entitlements (5.00pm WST) |
18 June 2014 |
| Offer Document sent out to Shareholders & Company announces this has been completed |
23 June 2014 |
| Rights stop trading | 25 June 2014 |
| Deferred trading commences | 26 June 2014 |
| Last day to extend the Offer Closing Date | 27 June 2014 |
| Closing Date* | 2 July 2014 |
| ASX notified of under subscriptions | 7 July 2014 |
| Issue date/Shares entered into Shareholders’ security holdings |
9 July 2014 |
| Quotation of Shares issued under the Offer* | 10 July 2014 |
*The Directors may extend the Closing Date by giving at least 3 Business Days notice to ASX prior to the Closing Date. As such the date the Shares are expected to commence trading on ASX may vary.
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11 June 2014
ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295 E: [email protected] W: www.minbos.com
ABN: 93 141 175 493
Application for new Shares under the Offer may only be made by completing the Application Form which accompanies the offer document. Shareholders eligible to participate in the Offer should read the offer document carefully and consult professional advisers as necessary.
Enquiries
Any questions concerning the Offer should be directed to the Company Secretary, Paige Exley, by telephone on +61 8 6102 7724.
This release does not constitute an offer to sell, or the solicitation of an offer to buy, securities in the United States or in any other jurisdiction in which such an offer or sale would be illegal. This release may not be distributed or released in the United States. No action has been or will be taken to register, qualify or otherwise permit a public offering of the securities referred to in this release in any jurisdiction outside Australia. In particular, the new shares and options to be offered in the Entitlement Offer have not been, and none of them will be, registered under the U.S. Securities Act of 1933 (the "Securities Act") or the securities laws of any state or other jurisdiction of the United States. Accordingly, the new shares and options may not be offered, directly or indirectly, to, any person in the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable U.S. state securities laws.
ENDS
For further information please contact:
Paige Exley For media enquiries contact: Company Secretary David Ikin – Professional Public Relations [email protected] [email protected] +61 (0) 8 6102 7724 +61 (0) 8 9388 0944
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11 June 2014
ASX Code: MNB PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia T: +61 8 9322 9295
W: www.minbos.com
ABN: 93 141 175 493
About Minbos
Minbos Resources Limited (ASX:MNB) is an ASX-listed exploration and development company focused on phosphate ore within the Cabinda Province of Angola and the adjoining areas of the far western DRC. Through its subsidiaries and joint ventures, the Company is exploring over 400,000ha of highly prospective ground hosting phosphate ore.
Minbos is focussing on the development of the high grade Cacata project in Cabinda, whilst growing its current resource base in incremental stages on the remaining deposits the area.
The Company’s strategy is to specifically target the exploration and development of low cost fertiliserbased commodities in order to tap into the growing global demand for fertilisers. Phosphate is an essential component in certain agricultural fertilisers, with the market supported by the increasing global demand for food and bio-fuel products. For more information, visit www.minbos.com
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