MINBOS RESOURCES LIMITED — Capital/Financing Update 2020

Sep 9, 2020

Proposed issue of securities

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Announcement Summary

Entity name

MINBOS RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Thursday September 10, 2020

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

Maximum Number of ASX +security code +Security description +securities to be issued MNB ORDINARY FULLY PAID 1,510,000,000

Proposed +issue date

Tuesday September 15, 2020

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

MINBOS RESOURCES LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ACN

Registration Number

141175493

1.3 ASX issuer code

MNB

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Thursday September 10, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval Friday October 30, 2020 Estimated No

Comments

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

ASX +security code and description

MNB : ORDINARY FULLY PAID

Number of +securities proposed to be issued

1,510,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes

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	Proposed issue of securities
	In what currency is the cash	What is the issue price per
	consideration being paid?	+security?
	AUD - Australian Dollar	AUD 0.00150
	Will these +securities rank equally in all respects from their issue date with
	the existing issued +securities in that class?
	Yes
Part	7C - Timetable
	7C.1 Proposed +issue date
	Tuesday September 15, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No 7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes 7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

848,000,000 shares will be issued under Minbos's existing placement capacity under Listing Rule 7.1 ( First Tranche ) and the issue of the balance of 662,000,000 shares ( Second Tranche ) is conditional upon Shareholder approval being obtained at the meeting. 7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No 7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

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Proposed issue of securities

Part 7E - Fees and expenses

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7E.1 Will there be a lead manager or broker to the proposed issue? Yes

7E.1a Who is the lead manager/broker?

Vert Capital Pty Ltd

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

1. A capital raising fee of 6% on the funds raised; and

2. Issue of 10,000,000 options (post consolidation); and

3. $15,000 Management Fee and

Vert Capital has agreed to be paid majority of its capital raising fees in shares at the same issue price as the placement, being $0.0015, subjected to shareholder approval.

7E.2 Is the proposed issue to be underwritten?

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No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Legal fees, printing, and mail out fees.

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Funds raised from the placement will be used for working capital requirements and to further Definitive Feasibility Study (DFS) activities for the Cabinda Phosphate project, Angola

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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