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Minbos Resources rises 60.0% as US$4.8M facility drawdown request submitted
- Fertilizer developer Minbos Resources rose as it submitted its first drawdown request under its development facility.
- The stock rose 60.0% to A$0.024 on trading volume that spiked to 24 times its recent 20-day average baseline.
- The US$4.8M drawdown (30% of the US$16M facility) is earmarked for Phase 1 completion and Phase 2 mobilisation at the Cabinda Phosphate Project in Angola.
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Conclusion
MNB.AX rose 60.0% from A$0.015 to A$0.024 on May 26. Volume reached 23,743,213 shares vs a 986,250 20-day average. On the same day, Minbos submitted a Facility Utilisation Request for 30% of its US$16M IDC facility, equivalent to approximately US$4.8 million, following execution of the final security agreement in Luanda, Angola.