Minbos Resources (ASX:MNB) will receive $3.4 million in funding to complete a Bankable Feasibility Study on its high grade phosphate project within the Cabinda Province of Angola.
The placement to Green Services Innovations Ltd, a British Virgin Islands company, will involve the issue of 680 million shares at $0.005 each in two tranches, the first of which to raise $2.1 million should settle this week.
The second tranche will include an issue of 385 million options at an exercise price of $0.01 per option and an expiry date of 30 December 2016.
Green Services Innovations Ltd is understaood to hold a number of investments in Africa, with a background in Angola.
Minbos' CEO Lindsay Reed also has significant experience in Africa in mine development, minerals marketing and project funding.
A presidential decree was issued on 8 June 2015 confirming that the Cabinda project has been approved and instructing Angolan Ministries to provide all the infrastructure and support that the JV partners requires for the project.
The signed contracts with The Angolan Ministry of Mines and Geology covers the mining phase of the Cabinda project. On completion of the Environmental Impact and Economic Viability Study the issue of a mining licence can be requested.
Minbos is aiming to develop low cost fertiliser-based commodities to tap into the growing global demand for fertilisers.
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