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MINBOS RESOURCES LIMITED — Capital/Financing Update 2016
Feb 22, 2016
65355_rns_2016-02-22_4d7d4d6d-335b-4fe0-bc36-0d325a9f196d.pdf
Capital/Financing Update
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23 February 2016
ASX Code: MNB PERTH OFFICE Suite 1, 245 Churchill Avenue Subiaco WA 6008 T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
ASX ANNOUNCEMENT/MEDIA RELEASE
INFORMATION REQUIRED UNDER LISTING RULE 3.10.5A
Minbos Resources Ltd ( Minbos or the Company ) has today placed 268 million fully paid ordinary shares at $0.005 per shares to sophisticated and professional investor, Green Services Innovations Ltd to raise AUD 1.34m before costs ( Placement ). The proceeds from the placement will be used to progress the Bankable Feasibility Study of the Cabinda phosphate project and for working capital.
The Company confirms that the issue price of $0.005 per share is higher than 75% of the 15 trading day VWAP being $0.0017 as calculated under ASX Listing Rule 7.1A3. The calculation was provided to the Company by an independent broking firm.
The Company provides the following additional information as required under ASX Listing Rule 3.10.5A:
| a) | Dilution to existing shareholders; The dilutive effect of the Placement on existing shareholders is as follows: |
Dilution to existing shareholders; The dilutive effect of the Placement on existing shareholders is as follows: |
|---|---|---|
| Placement issue under Listing Rule 7.1( 206,433,732 shares) | 13% | |
| Placement issue under Listing Rule 7.1A(61,566,268 shares) | 4% | |
| Total dilution as a result of the placement | 17% |
The percentage of the post placement capital held by pre-placement shareholders and new shareholders is as follows:
| shareholders is as follows: | |
|---|---|
| Pre-placement security holders who did not participate in the placement | 100% |
| Pre-placement security holders who did participate in the placement | 0% |
| Participants in the placement who were not previously security holders | 100% |
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b) The securities were issued pursuant to Listing Rule 7.1A as the Company considered this to be to the most expedient and cost effective method of raising capital to fund the Company’s ongoing objectives.
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c) There were no underwriting arrangements in place for the Placement.
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d) The Company paid no fees under the Placement.
ENDS
ASX Code: MNB
23 February 2016
PERTH OFFICE Suite 1, 245 Churchill Avenue Subiaco WA 6008
T: +61 8 6270 4610 E: [email protected] W: www.minbos.com ABN: 93 141 175 493
For further information please contact
Lindsay Reed Stef Weber Chief Executive Officer Company Secretary [email protected] [email protected] +61 (0) 8 6270 4610 +61 (0) 62704610
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. 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 fertiliser-based 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