Rights attaching to Offer Options
The Offer Options are issued on and subject to the following terms:
- The Offer Options shall be issued for no cash consideration and on the basis of one (1) Option for every two (2) Shares applied for under the
- The exercise price of each Offer Option is $0.25 (Exercise Price).
- The Offer Options will expire on 30 June 2023 (Expiry Date) unless earlier
- The Offer Options are
- The Offer Options may be exercised at any time wholly or in part by delivering a duly completed form of notice of exercise (Exercise Notice) together with payment for the Exercise Price per Offer Option to the Company at any time on or after the date of issue of the Offer Options and on or before the Expiry Payment may be made as directed by the Company from time to time, which may include by cheque, electronic funds transfer or other methods.
- The number of Offer Options that may be exercised at one time must be not less than 25,000, unless the holder of the Offer Option (Offer Option Holder) holds less than 25,000 Offer Options in which case all Offer Options must be exercised at one
- Within 20 Business Days after the valid exercise of the Offer Options and payment of the Exercise Price, the Company will:
- allot and issue the number of fully paid ordinary Shares ranking pari passu with the then issued Shares as required under these terms and conditions in respect of the number of Offer Options specified in the Exercise Notice and for which cleared funds have been received by the Company; and
- if admitted to the official list of ASX at the time, apply for Official Quotation on ASX of Shares issued pursuant to the exercise of the Offer
- Offer Option Holders do not have any right to participate in new issues of securities in the Company made to Shareholders The Company will, where and only to the extent required pursuant to the Listing Rules, provide Offer Option Holders with notice prior to the books record date (to determine entitlements to any new issue of securities made to Shareholders generally) to exercise the Offer Options, in accordance with the requirements of the Listing Rules.
- Offer Option Holders do not participate in any dividends unless the Offer Options are exercised and the resultant Shares of the Company are issued prior to the record date to determine entitlements to the
- In the event of any reorganisation (including consolidation, subdivision, reduction or return) of the issued capital of the Company:
- the number of Offer Options, the Exercise Price of the Offer Options, or both will be reorganised (as appropriate) in a manner consistent with the Listing Rules as applicable at the time of reorganisation, but with the intention that such reorganisation will not result in any benefits being conferred on the Offer Options Holders are not conferred on Shareholders; and
- subject to the provisions with respect to rounding of entitlements as sanctioned by a meeting of shareholders approving a reorganisation of capital, in all other respects the terms for the exercise of the Offer Options will remain
- If there is a pro rata issue (except a bonus issue), the Exercise Price of Offer Option may be reduced according to the following formula:
On = O – E [P-(S + D)]
N + 1
On = the new exercise price of the Offer Option; O = the old exercise price of the Offer Option;
E = the number of underlying securities into which one Offer Option is exercisable;
P = the volume weighted average market price per security of the underlying securities during the 5 trading days ending on the day before the ex-right date or the
S = the subscription price for a security under the pro rata issue;
D = dividend due but not yet paid on the existing underlying securities (except those to be issued under the pro rata issue);
N = the number of securities with rights or entitlements that must be held to receive a right to one new security.
- If there is a bonus issue to the Shareholders of the Company, the number of Shares over which the Offer Option is exercisable may be increased by the number of Shares which the Offer Option Holder would have received if the Offer Option had been exercised before the record date for the bonus
- The terms of the Offer Options shall only be changed if Shareholders (whose votes are not to be disregarded) of in the Company approve of such a However, unless all necessary waivers of the Listing Rules are obtained, the terms of the New Options shall not be changed to reduce the Exercise Price, increase the number of Offer Options or change any period for exercise of the Offer Options.