ANDROMEDA METALS LIMITED — Capital/Financing Update 2017

Nov 14, 2017

15 November 2017

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ASX ANNOUCEMENT

Rights Issue Update

The Directors of Andromeda Metals Limited (ASX: ADN, the Company ) advise that the previously announced pro rata non‐renounceable rights issue ( Offer ) to raise $1.4 million will now be sole Lead Managed by PAC Partners rather than underwritten. As a consequence, a replacement prospectus has been lodged with ASIC and ASX today.

PAC Partners has firm commitments from both institutional and sophisticated investors to apply for any shortfall securities under the Offer.

The Company will apply the funds raised through the Offer to:

• exploration of the Company’s wholly owned Drummond Basin Epithermal Gold Project in Queensland, including drilling of the Bunyip prospect,

• progressing the due diligence and potential acquisition of the Mylo‐Frontier Pilbara Gold Project in Western Australia, and

• identify, evaluate and potentially acquire new projects.

The Directors note that the share price is trading at significantly higher prices than the Rights Issue offer price of 0.5 cents.

The anticipated timetable for the Offer is unchanged as follows:

	The anticipated timetable for the Offer is unchanged as follows:
	Event	Date
	Lodgement of Prospectus with ASIC	Thursday9 November 2017
	Announcement of Issue(and lodge Appendix 3B)	Thursday9 November 2017
	Notice to Option holders advisingof Offer	Thursday9 November 2017
	Notice to Shareholders containing Appendix 3B informationand timetable	Friday 10 November 2017
	Shares commence tradingon an ex rights basis	Monday13 November 2017
	Record Date for the Offer	Tuesday14 November 2017
	Lodgement of replacement Prospectus with ASIC	Wednesday15 November 2017
	Prospectus and Entitlement and Acceptance Formdthd t Shhld	Friday 17 November 2017
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	OpeningDate of the Offer	Friday17 November 2017
	ClosingDate of the Offer	Thursday30 November 2017
	New Securitiesquoted on a deferred settlement basis	Friday1 December 2017
	Advise ASX of anyShortfall	Tuesday5 December 2017
	Issue Date of New Securities(deferred settlement basis ends)	Thursday7 December 2017

The timetable is indicative only and is subject to change at the discretion of the Directors. The Directors also reserve the right to not proceed with the whole or part of the Offer at any time prior to allotment. In that event, application monies will be returned without interest.

A copy of the replacement Prospectus, lodged with ASIC and ASX on 15 November 2017, is available on the Company’s website at www.andromet.com.au or on the ASX website at www.asx.com.au.

The Directors who are Eligible Shareholders have confirmed their intention to subscribe for their full entitlements under the Offer.

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Chris Drown Managing Director