Minbos will issue 848-million new shares, at a price of 0.15c each, in the fist tranche under its existing placement capacity. A further 662-million shares will be issued in the second tranche, subject to shareholder approval.

A shareholder meeting is planned for late October to vote on the second tranche placement.

“It is exciting to have new investors share our enthusiasm for the Cabinda phosphate project and Angola. We are in enviable position of having a project that offers transformational social impact and positive returns for investors. These funds will accelerate our definitive feasibility study and get us closer to feeding the soils that feed Angola,” said CEO Lindsay Reed.

A recently completed scoping study into the Cabinda project estimated that it would cost between $27.9-million and $22.4-million to develop, based on an initial nameplate capacity of 150 000 t/y of enhanced phosphate rock, but is forecast to start production at a rate of 50 000 t/y.

Funds raised will be used to finalise the mining plan, prepare tender documentation for mining and transportation contracts, environmental approvals and planning and installing commercial demonstration field trials in Angola.