Minbos Resources (ASX:MNB) has signed a subscription agreement with Angolan sovereign wealth fund Fundo Soberano de Angola regarding a US$10 million strategic investment to fully fund phase one construction of the Cabinda Phosphate Project.
Funds will be received in the company’s Mauritian subsidiary Phobos and represents a 22% interest in Phobos, which holds the company’s interest in Cabinda, meaning there will be no dilution of current Minbos shareholders interest in future projects.
Upon receival of funds, a civil works contract will be finalised with mobilisation to take place shortly afterwards. The contract includes, earthworks, access roads, drainage and concrete foundations.
Minbos continues to progress its debt funding arrangements with IDC and with Banco BAI, supported by the Angolan Credit Guarantee Fund.
Write to Adam Orlando at Mining.com.au
Images: Minbos
