Minbos Resources : Half Year Accounts-31 December 2015

Example Public Company Limited

Interim Financial Report‌‌‌

For the half-year ended 31 December 2015

ABN 93 141 175 493

Contents

Corporate Directory	3
Directors' Report	4
Auditor's Independence Declaration	12
Consolidated Statement of Profit or Loss and Other Comprehensive Income	13
Consolidated Statement of Financial Position	14
Consolidated Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Notes to the Consolidated Financial Statements	17
Directors' Declaration	23
Independent Auditor's Review Report	24

Corporate Directory

Directors & Officers	Bankers
Mr Peter Wall - Non-Executive Chairman	National Australia Bank
Mr Damian Black - Non-Executive Director	West Perth Business Banking Centre
Mr Domingos Catulichi - Non-Executive Director	Level 1, 1238 Hay Street
Mr William Oliver - Non-Executive Director	West Perth WA 6005
Website: www.nab.com.au
Mr Lindsay Reed - Chief Executive Officer
Mr Stef Weber - Chief Financial Officer & Company Secretary
Auditors
BDO Audit (WA) Pty Ltd
Registered Office	38 Station Street
Suite 1, 245 Churchill Avenue	Subiaco WA 6008
Subiaco WA 6008	Website: www.bdo.com.au
T: [phone]
F: [phone]	Share Registry
E-mail: [e-mail]	Automic Registry Services
Website: www.minbos.com	Level 1, 7 Ventnor Avenue
West Perth WA 6005
Website: www.automic.com.au
Principal Place of Business
Suite 1, 245 Churchill Avenue
Subiaco WA 6008	Solicitors
Steinepreis Paganin
PO Box 162	Level 4, The Read Buildings
Subiaco WA 6904	16 Miligan street
Perth WA 6000
Website: www.steinpag.com.au
Domicile and Country of Incorporation
Australia
Securities Exchange
Australian Securities Exchange Limited (ASX)
Australian Company Number	Home Exchange - Perth
ACN 141 175 493	ASX Code - MNB (Ordinary Shares)
Australian Business Number
ABN 93 141 175 493

Directors' Report

The Directors submit their half year report of the 'Consolidated Entity' or 'Group', being Minbos Resources Limited ('Minbos' or 'Company') and its Controlled entities, for the half year ended 31 December 2015 ('Period').

1. BOARD OF DIRECTORS

   The Directors of the Company at any time during or since the end of the Period are as follows.

   
   

   Directors	Position	Appointment
   Peter Wall	Non-Executive Chairman	21/02/2014
   Damian Black	Executive Director	21/02/2014
   Domingos Catulichi	Non-Executive Director	20/07/2010
   William Oliver	Non-Executive Director	02/09/2013

   
   

   
   

2. REVIEW OF OPERATIONS

1. GROUP OVERVIEW

   Minbos is an exploration and development company focused on phosphate deposits within the Cabinda Province of Angola. Through its subsidiaries and joint ventures, Minbos is focussing on the development of the high grade Cacata project in Cabinda whilst growing its current resource base in incremental stages on the remaining deposits in Angola.

   
   

   The Company's strategy is to specifically target the exploration and development of low cost fertiliser-based commodities in order to tap into the growing global demand for fertilisers. Phosphate is an essential component in certain agricultural fertilisers, with the market supported by the increasing global demand for food and bio-fuel products.

   
   

2. HIGHLIGHTS & SIGNIFICANT CHANGES IN STATE OF AFFAIRS

   The highlights during and subsequent to the end of the half year include:

   
   

   Capital Placement - On 19 February 2016 the company entered into a binding subscription agreement (Subscription Agreement) with Green Services Innovations Ltd (Green), a company incorporated in the British Virgin Island, to place 680 million shares at $0.005 per share to raise $3.4 million. The proceeds from the placement will fund the Bankable Feasibility Study on the Cabinda phosphate project and working capital.

   
   

   The placement will be conducted in two tranches:

   • Tranche 1 consists of the issue of 268 million shares at $0.005 per share to raise $1.3 million. These shares were issued on 23 February 2016.

   • Tranche 2 comprises the issue of 412 million shares at $0.005 per share to raise $2.1 million and the issue of 385 million options at an exercise price of $0.01 per option and an expiry date of 30 December 2016. Tranche 2 is conditional upon the issue of the Tranche 1 shares and shareholder approval at a general meeting of Minbos that will be converted in April 2016. Green has provided a bank guarantee in favour of Minbos in support of its obligation to pay the subscription price for the Tranche 2 shares under the Subscription Agreement.

The issue of Tranche 1 shares and the Tranche 2 shares and options (if approved and exercised) will raise $7.2 million.

Green has the right to appoint a director to the Minbos Board following the issue of the Tranche 1 shares and a 2nd Director when they have a shareholding of 40% or more in Minbos.