Eclipse Metals : Proposed Issue of Securities

Proposed issue of securities

Update Summary

Entity name

ECLIPSE METALS LIMITED.

Announcement Type

Update to previous announcement

Date of this announcement

17/8/2021

Reason for update to a previous announcement

Correction to option exercise price.

Option exercise price is 5 CENTS PER OPTION.

Refer to next page for full details of the announcement

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Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

ECLIPSE METALS 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	142366541
1.3	ASX issuer code
EPM

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Correction to option exercise price.

Option exercise price is 5 CENTS PER OPTION.

1.4b Date of previous announcement to this update

17/8/2021

1.5 Date of this announcement

17/8/2021

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

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Proposed issue of securities

Part 3 - Details of proposed entitlement offer issue

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?

No

Part 3B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

EPM : ORDINARY FULLY PAID

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)?
New class

Details of +securities proposed to be issued

If the entity has quoted company options, do the terms entitle option holders to participate on exercise? No

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)

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

Yes

ASX +security code

New class-code to be confirmed

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

No

+Security description

Options exercisable at $0.10 expirying three years from the date of issue

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+Security type

Options

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

10

What will be done with fractional entitlements?

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

Fractions rounded up to the next	191,395,687
whole number

Offer price details for retail security holders

In what currency will the offer be made?

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

AUD - Australian Dollar

AUD 0.00200

Oversubscription & Scale back details

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

No

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

No

Will all the +securities issued in this class rank equally in all respects from their issue date?

Yes

Options details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.1000	17/9/2024

Details of the type of +security that will be issued if the option is exercised

EPM : ORDINARY FULLY PAID

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Proposed issue of securities

Number of securities that will be issued if the option is exercised

One fully paid ordinary share (ASX:EPM)

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

https://www.eclipsemetals.com.au/investors/announcements/

Part 3C - Timetable

3C.1 +Record date

20/8/2021

3C.2 Ex date

19/8/2021

3C.4 Record date

20/8/2021

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue

25/8/2021

3C.6 Offer closing date

10/9/2021

3C.7 Last day to extend the offer closing date

7/9/2021

3C.9 Trading in new +securities commences on a deferred settlement basis

13/9/2021

3C.11 +Issue date and last day for entity to announce results of +pro rata issue

17/9/2021

3C.12 Date trading starts on a normal T+2 basis

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

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