Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Minbos Resources Given More Time To Finalise Capital Raising

Minbos Resources (ASX: MNB) has requested a voluntary suspension from the ASX as it finalises a capital raising.

The company expects to release an announcement no later than Tuesday, 13 November 2012.

Minbos is focused on fast tracking the development of the Kanzi Phosphate Project in the Bas Congo Province in the Western Democratic Republic of Congo, particularly given its relatively high grade and access to road and port infrastructure.

Based on the similarities of the Kanzi and Cacata projects, and the very robust financial results recently published from the Cacata Scoping Study, Minbos is confident that the next step for Kanzi will be the commencement of a Bankable Feasibilty Study

A recent Scoping Study for Kanzi has demonstrated positive economics, confirming the potential of Kanzi as a viable project with forecast pre-tax cash flows in excess of US$1.5 billion over a 17-year mine life.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.