Minbos Resources upsizes share placement to $6M

• Minbos Resources upsized its share placement by an additional $2 million to reach a total of $6 million following strong investor demand.
• The company is issuing up to 133,333,333 new shares at $0.015 per share along with matching options, subject to shareholder approval.
• Funds will support working capital, mining operations, and progress the Cabinda Phosphate Project towards initial production.

Minbos Resources (ASX:MNB) expanded its previously announced $4 million placement by an extra $2 to achieve total funding of $6 million.

The expanded capital raise follows recent corporate steps by the company to secure project financing and advance development milestones.

The company stated that the upsize reflects positive responses from investors and strong backing for its corporate funding strategy.

The business will issue up to 133,333,333 new placement shares at $0.015 each, paired with one option for every share subscribed, alongside an extra $150,000 committed by board members.

Following the announcement, the Minbos Resources share price was down at $0.017.

The enterprise focuses on building nutrient supply assets to support agricultural production and food security across Angola and middle Africa.