Centrex Metals Limited (ASX: CXM) (the Company) is pleased to announce a non-renounceable 2 for 5 rights issue to raise up to $2.866 million, with 1 free accompanying unlisted option to each new share applied for.

The free accompanying options have an exercise price of 5 cents and will expire on 31 December 2023.

The purpose of the issue is to raise funds for the development of the Company's Ardmore Project and for exploration on the Oxley and Goulburn Projects, as well as for general working capital. Upon closing of the rights issue the Company will have up to an additional $2.866 million on hand to deliver and execute on its planned programs, particularly at Ardmore in Queensland.

Details of the rights issue

Shareholders with an address in Australia or New Zealand on the Company's register at 5.00 pm (Adelaide time) on the record date will be eligible to participate in the rights issue. The Company has decided that it is unreasonable to make the offer to all other overseas registered shareholders, having regard to the number of shareholders in such places, the number and value of the new shares and options they would be offered and the substantial costs of complying with the legal and regulatory requirements in those jurisdictions.

Announcement of the Offers Tuesday, 20 October 2020

Lodgement of Prospectus Tuesday, 20 October 2020

Ex-date (Shares trade ex-entitlement) Monday, 26 October 2020

Record date to determine Entitlement (Record Date) Tuesday, 27 October 2020

Prospectus with Entitlement and Acceptance Form dispatched Entitlement and Shortfall Offers opens for receipt of Applications Wednesday, 28 October 2020

Last day to extend Entitlement Offer Friday, 13 November 2020

Closing date for acceptances under the Entitlement Offer Tuesday, 17 November 2020

Notify ASX of under-subscriptions Monday, 23 November 2020

Issue of New Securities under the Entitlement Offer Dispatch of holding statements Monday, 23 November 2020

Trading of New Shares expected to commence Tuesday, 24 November 2020

Eligible Shareholders' entitlements pursuant to this Rights Issue are non-renounceable and accordingly Eligible Shareholders may take up their rights in full or in part or do nothing in which case their rights will lapse. The timetable outlined above is indicative only and subject to change. The Directors reserve the right to vary these dates including the closing date, subject to the Listing Rules and the Corporations Act. The Directors also reserve the right not to proceed with the whole or part of the rights issue at any time prior to the issue of new shares and options. In that event, application monies will be returned without interest.

If after the closing date all allotted shares have not been subscribed for by eligible shareholders, the Directors reserve the right to place the remaining shortfall at their discretion within three months after the close of the offer. A prospectus for the offer will be made available when the shares and options are offered, and will be available to Eligible Shareholders on the date specified in the timetable above. Any Eligible Shareholders who wants to acquire the shares and options will need to complete the personalised application form that will be sent to them.

Contact:

Graham Chrisp

Tel: (08) 8213 3100

About Centrex Metals

Centrex Metals is looking to secure Australasia's sustainable agriculture future through the exploration and development of its wholly-owned Ardmore Phosphate Project and Oxley Potash Project. The products from both of these projects are necessary ingredients for global food production and human nutrition. The Centrex Metals fertiliser projects are located near to established energy and transport infrastructure that are necessary for access to established agricultural markets. The Company is also continuing its copper-gold-base metal exploration projects near Goulburn in the Lachlan Fold Belt in New South Wales.

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