Minbos Resources (ASX:MNB) expects to shortly complete financing arrangements with a group of sophisticated investors to provide an additional $300,000 in secured funding through the issue of convertible notes, under a facility for $800,000.
Minbos was advanced $500,000 in August and October.
The $300,000 convertible note funding will provide the Company with working capital as it works on longer term funding solutions.
CPS Capital Group are managing the fundraising.
In addition, Minbos has finalised variations to the structure of existing convertible note facilities with David Reeves, James Carter and Lind Partners.
It is proposed that the New Facility, Reeves Facility, Carter Facility and Lind Facility will be secured under a general security deed granting security over all the Company’s present and after acquired property.
Minbos is focused on phosphate ore within the Cabinda Province of Angola and the adjoining areas of the far western DRC.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.