Ann: Minbos Investor Presentation - Angola Rising, page-579

You're right butt it looks like the directors shares are subject to shareholder approval.

"The Placement will be conducted in two tranches. Tranche 1 shares and attachingoptions are not subject to shareholder approval and will be issued under theCompany’s available placement capacity under ASX Listing Rules 7.1 and 7.1A.Tranche 1 Placement shares are expected to be issued on 18 April 2024 and theattaching options are to be issued shortly after subject to the Company filing aprospectus.Minbos directors and management intend to subscribe for ~$900,000 worth ofshares in the Placement. The issue of shares to directors and management formsTranche 2 of the Placement. Tranche 2 Placement shares will be subject toshareholder approval at an upcoming General Meeting."