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MINBOS RESOURCES LIMITED — Capital/Financing Update 2014
Feb 11, 2014
65355_rns_2014-02-11_91309b93-6c5f-4e52-9a0b-1b43ae82570f.pdf
Capital/Financing Update
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12 February 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
ASX ANNOUNCEMENT/MEDIA RELEASE
PRO-RATA RENOUNCEABLE RIGHTS ISSUE
CLOSE OF ENTITLEMENT OFFER & SUBSCRIPTIONS
Minbos Resources Limited ACN 141 175 493 ( Company ) advises that its pro-rata renounceable rights issue of 3 fully paid ordinary shares in the capital of the Company ( Share ) for every 7 shares held, at an issue price of $0.01 per Share, to raise up to approximately $1,102,067 (before costs) ( Entitlement Offer ), closed at 5.00pm on 7 February 2014.
The Company received applications to subscribe for 6,670,707 new Shares from eligible shareholders under the Entitlement Offer to raise approximately $66,707. This represents approximately 6% of all Shares offered under the Entitlement Offer.
The Company advises that the results of the Entitlement Offer are as follows:
| Total number of Shares offered under the Entitlement Offer |
110,206,955 Shares |
|---|---|
| Total number of Shares applied for by eligible shareholders under the Entitlement Offer |
6,670,707 Shares |
| Shortfall | 103,536,248 Shares |
Despite the fact that the Entitlement Offer is fully underwritten by Bethesda Investment Corp and Copper Mining Venture, LDA ( Underwriters ) for the full amount of the Entitlement Offer, being $1,102,067, the Company does not expect that, at this stage, the Underwriters will comply with their obligations under their underwriting agreements. This view has been formed because the Company has been informed that the Underwriters are experiencing difficulty arranging funding.
The Rights Issue Manager, CPS Capital Group Pty Ltd, is currently seeking to liaise with the Underwriters with a view to completing the funding. However, as noted above, this remains uncertain.
Should the Underwriters default in their obligations, all investors under the Entitlement Offer will be offered their money back.
CPS Capital Group Pty Ltd is also working with the Company on an alternate financing strategy.
ENDS
ASX Code: MNB
PERTH OFFICE Level 1, 278 Stirling Hwy Claremont WA 6010 Australia
12 February 2014
T: +61 8 9322 9295 E: [email protected] W: www.minbos.com
ABN: 93 141 175 493
For further information please contact:
Scott Sullivan For media enquiries contact: Managing Director David Ikin – Professional Public Relations [email protected] [email protected] +61 (0) 8 9322 9295 +61 (0) 8 9388 0944
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 in Angola.
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