Australia's Minbos Resources falls on discounted placement

Minbos Resources

15/04/2024 02:22

** Shares of Minbos Resources  MNB.AX  slump as much as
23.9% to A$0.070, set to see their worst day since Nov 9, 2020 -
if losses hold 
    ** The fertilizer and nutrient co says it has received firm
commitments to raise A$6.1 million ($3.95 million) via a private
placement 
    ** Issue price of A$0.07 per share is at a ~23% discount to
the last traded price on Feb 21
    ** Co adds that it has received an approval for a US$14
million debt facility from the Industrial Development
Corporation of South Africa for construction funds for the
Cabinda Phosphate Project in Angola 
    ** Stock hits lowest since Jan 23 
    ** Stock has fallen ~5.2% this year as of last close


($1 = 1.5456 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))