ALDORO RESOURCES LIMITED — Capital/Financing Update 2020

Jul 14, 2020

Proposed issue of securities

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Announcement Summary

Entity name

ALDORO RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Wednesday July 15, 2020

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +Security Code	+Security Description	+securities to be issued
n/a	1,500,000 unlisted options, exercisable at a 50% premium to	1,500,000
	a 30-day VWAP prior to the date of issue

Proposed +issue date

Monday August 31, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

ALDORO 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.

1.2 Registered Number Type

ABN

Registration Number

31622990809

1.3 ASX issuer code

ARN

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Wednesday July 15, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

7A.1a Conditions

Approval/Condition	Date for determination	Is the date estimated or	** Approval
+Security holder approval	Monday August 31, 2020	actual?	received/condition met?
		Estimated	No

Comments

Xcel Capital acted as Lead Manager for the Placement announced to ASX on 15 July 2020. As part of the placement fee, Xcel will be issued 1,500,000 unlisted options, exercisable at a 50% premium to a 30 day VWAP prior to the date of issue, subject to shareholder approval.

Part 7B - Issue details

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

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

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No No

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ASX +Security Code

New class-code to be confirmed

+Security Description

1,500,000 unlisted options, exercisable at a 50% premium to a 30-day VWAP prior to the date of issue

+Security Type

Options

Maximum Number of +securities proposed to be issued

1,500,000

Purpose of the issue

Xcel Capital acted as Lead Manager for the Placement announced to ASX on 15 July 2020. The 1,500,000 Unlisted Options to be issued (subject to shareholder approval) form part of the Lead Manager fee.

Offer price details for retail security holders

In what currency is the cash What is the issue price per consideration being paid? +security?

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

Oversubscription & Scale back details

May a scale back be applied to this event? No

Options details

+Security Currency AUD - Australian Dollar

Exercise Price Expiry date AUD

Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option

Other

Description

1,500,000 unlisted options, exercisable at a 50% premium to a 30-day VWAP prior to the date of issue

Please provide any further information relating to the principal terms of the +securities

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Part 7C - Timetable

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7C.1 Proposed +issue date

Monday August 31, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes 7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Monday August 31, 2020

7D.2 Is a party referred to in listing rule 10.11.1 participating in the proposed issue? No

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

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7F.2 Any other information the entity wishes to provide about the proposed issue

Xcel Capital Pty acted as Lead Manager for the Placement announced to ASX on 15 July 2020. The 1,500,000 Options form part of the fee for managing the Placement.

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