Adavale Resources : Update - Proposed issue of securities - ADD

Proposed issue of securities

Update Summary

For personal use only

Entity name

ADAVALE RESOURCES LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

29/7/2022

Reason for update to a previous announcement

Updating the Issue date from 21 September to 23 September 2022 as per the Prospectus

Refer to next page for full details of the announcement

Proposed issue of securities

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Proposed issue of securities

Part 1 - Entity and announcement details

For personal use only

1.1 Name of +Entity

ADAVALE 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.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2	Registered Number Type	Registration Number
ACN	008719015
1.3	ASX issuer code
ADD

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Updating the Issue date from 21 September to 23 September 2022 as per the Prospectus

1.4b Date of previous announcement to this update

27/7/2022

1.5 Date of this announcement

29/7/2022

1.6 The Proposed issue is:

A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is: + Non-renounceable

Proposed issue of securities

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Proposed issue of securities

Part 3 - Details of proposed entitlement offer issue

only
	Part 3A - Conditions
		3A.1 Do any external approvals need to be obtained or other conditions satisfied before the entitlement offer can
		proceed on an unconditional basis?
use	No
	Part 3B - Offer details
		Class or classes of +securities that will participate in the proposed issue and class or classes of +securities
personal	proposed to be issued
ASX +security code and description
		ADD : ORDINARY FULLY PAID
		Is the proposed security a 'New	Will the proposed issue of this	If the entity has quoted company
		class' (+securities in a class that is	+security include an offer of	options, do the terms entitle option
		not yet quoted or recorded by ASX)	attaching +securities?	holders to participate on exercise?
		or an 'Existing class' (additional	Yes	No
		securities in a class that is already
		quoted or recorded by ASX)?
		Existing class
	D tails of +securities proposed to be issued
		ASX +security code and description
		ADD : ORDINARY FULLY PAID
For	ISIN Code (if Issuer is a foreign company and +securities are non CDIs)
ISIN Code for the entitlement or right to participate in a non-renounceable

issue (if Issuer is foreign company and +securities are non CDIs)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities to be issued

For a given quantity of +securities held

1	6
Proposed issue of securities	3 / 8

Proposed issue of securities

personal use only

What will be done with fractional	Maximum number of +securities
entitlements?	proposed to be issued (subject to
	rounding)
Fractions rounded up to the next	59,554,598
whole number
Offer price details for retail security holders
In what currency will the offer be	What is the offer price per +security
made?	for the retail offer?
AUD - Australian Dollar	AUD 0.02000

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?

Yes

Describe the limits on over-subscription

No limit and the shortfall allocation is at the Company's absolute discretion.

Will a scale back be applied if the offer is over-subscribed?Yes

Describe the scale back arrangements

At the Company's absolute discretion.

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class?

Yes

Attaching +Security
For	Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX)

or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

Proposed issue of securities

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Proposed issue of securities

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

ISIN Code for the entitlement or right to participate in a non-renounceable issue (if Issuer is foreign company and +securities are non CDIs)

only

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1?

No

ASX +security code

New class-code to be confirmed

Will the entity be seeking quotation of the 'new' class o +securities on ASX?

No

+Security description

Options exercisable at $0.03 each expiring 12 months from the grant date

use

+Security type

Options

Offer ratio (ratio of attaching securities at which the new +securities will be issued)

The quantity of attaching +securities to be issued

1

What will be done with fractional entitlements?

Fractions rounded up to the next whole number

For a given quantity of the new +securities issued

3

Maximum number of +securities proposed to be issued (subject to rounding)

19,851,533

Offer price details for retail security holders

For personal

In what currency will the offer be made?

AUD - Australian Dollar

Oversubscription & Scale back details

Will individual +security holders be permitted to apply for more than their entitlement (i.e. to over-subscribe)?Yes

Describe the limits on over-subscription

What is the offer price per +security for the retail offer?

AUD 0.00000

No limit and the shortfall allocation is at the Company's absolute discretion.

Will a scale back be applied if the offer is over-subscribed?

Yes

Proposed issue of securities

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