LAM14 May 2021 10:12
Pulled from the prospectus
The first option (the “First Option”) is exercisable for the payment by the Former Unitholders, in the
aggregate, of A$1,500 and shall vest on the the Lady Alice Trust having earned a 50 per cent.
equity interest in the Wudinna Gold Project under the Wudinna Agreement (the “First Qualifying
Event”). Subject to the First Qualifying Event having occurred, on exercise of the First Option, the
Company shall issue to the Former Unitholders, that number of Ordinary Shares as brings the total
number of Non-Reimbursement Shares (as defined below) issued in total to all Former Unitholders
to 14 per cent. of the total issued capital of the Company as calculated after the issue of the NonReimbursement Shares.
The second option (the “Second Option”) is exercisable for the payment by the Former
Unitholders, in the aggregate, of A$1,500 and shall vest on the Lady Alice Trust having earned a
65 per cent. equity interest in the Wudinna Gold Project under the Wudinna Agreement (the
“Second Qualifying Event”). Subject to the Second Qualifying Event having occurred, on exercise
of the Second Option the Company shall issue to the Former Unitholders, that number of Ordinary
Shares as brings the total number of Non-Reimbursement Shares issued in total to all Former
Unitholders to 21 per cent. of the total issued capital of the Company, as calculated after issue of
the said further Non-Reimbursement Shares.
The third option (the “Third Option”) is exercisable for the payment by the Former Unitholders, in
the aggregate, of A$1,500 and shall vest on the announcement of a JORC-compliant Indicated
Mineral Resource for the Wudinna Gold Project of not less than 750,000 ounces of gold (the “Third
Qualifying Event”). Subject to the Third Qualifying Event having occurred, on exercise of the Third
Option, the Company shall issue to the Former Unitholders a further 30,000,000 Ordinary Shares.
The “Non-Reimbursement Shares” means any Ordinary Shares issued to the Former Unitholders
that are not Reimbursement Shares.
As at the date of this prospectus, the Former Unitholders hold 36,124,856 Ordinary Shares,
consisting of 20,000,000 Ordinary Shares subscribed for on the January 2020 Re-admission,
10,058,244 Initial Consideration Shares and 6,066,632 First Reimbursement Shares, and in
aggregate represent 18.91 per cent. of the share capital of the Company prior to the Admission.
The total equity interest in the Company which would be held by the Former Unitholders following
any exercise in the future of the Third Option would depend on the then existing issued share
capital of the Company. Nevertheless, the Company does not expect the equity interest in the
Company held by the Former Unitholders to, at any time, exceed approximately 29.9 per cent.
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