Minbos Resources (ASX: MNB) is currently in a very interesting position due to holding some high grade potash projects in Angola and the Democratic Republic of Congo - covering a significant 400,000 hectares.
To progress these projects, Minbos has placed 9.6 million shares at $0.28 to raise A$2.7 million with clients of Patersons Securities and Macquarie Equities.
A one for ten rights issue has also been launched at the same price as the placement, which has the potential to raise another A$2.18 million.
Minbos has already highlighted funds will be used for a desktop study at the Kanzi deposit in the Democratic Republic of Congo - which just last week delivered a high grade maiden phosphate JORC Resource of 46 million tonnes at 17.2% phosphate, including a high grade zone of 31 million tonnes at 21.4% phosphate.
Money will also be allocated for a scoping status for the Cacata deposit (which already has an Indicated JORC Resource of 22.5 million tonnes at 21.4% phosphate) and, if warranted, commencement of a Bankable Feasibility Study.
The capital injection will also provide a boost to general further exploration drilling and analysis at the company's projects.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/21370/minbos-resources-to-raise-up-to-a49m-to-progress-african-potash-projects-21370.html
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