CONICO LTD — Capital/Financing Update 2022

Mar 30, 2022

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AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT

31 March 2022

PLACEMENT and PRO-RATA NON-RENOUNCEABLE RIGHTS ISSUE

Placement

Conico Ltd (“ Conico ” (“CNJ” or “the Company”) has placed (“Placement Offer”) a total of 150,032,231 ordinary fully paid shares (“Shares”) together with one for two free attaching options to acquire Shares at 2.6 cents each on or before 31 December 2026 (“Options”) to Sophisticated Investors pursuant to s708 Corporations Act (Cwth) 2001 and Chapter 7.1 ASX Listing Rules at an issue price of $0.013 per Share for a total of $1,950,419 (before expenses of the Placement Offer). The free attaching Options will be subject to shareholder approval at a General Meeting of the Company prior to 30 June 2022. A further 16,313,923 Shares (and one for two free attaching Options) were also placed to raise $212,081 on the same terms and will be subject to shareholder approval at the same General Meeting.

A lead manager fee of 1% and a placement fee 5% of the value of the funds raised is payable to Peloton Capital Pty Ltd (“ Peloton ”) (AFSL 406040), Oracle Capital Group Pty Ltd (“ Oracle ”) (AFSL 521887) and RM Corporate Finance Pty Ltd (“ RM Corporate Finance ”) (AFSL 315235) a Company associated with Conico directors Guy Le Page and James Richardson.

Rights Issue

The Company also intends to undertake a non-renounceable pro-rata rights offer to Conico shareholders to raise up to (if fully subscribed) approximately $2,492,202 the Rights Offer).

The Rights Offer will be open to all Conico shareholders who are on the register as at 5:00pm WST on 25 April 2022 (the Record Date) and who have a registered address in Australia or New Zealand. Under the Offer, Conico will make an offer to all eligible shareholders of one (1) fully paid ordinary Conico share for every six (6) fully paid ordinary Conico shares held as at the Record Date, at a price of $0.013 per Share together with one for two free attaching Options.

The Offer is fully underwritten by Peloton .

Level 15, 197 St George’s Terrace, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Website: www.conico.com.au

ASX Announcement: 31 March 2022

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The anticipated Timetable* for the Rights Offer is as follows:

RIGHTS OFFER TIMETABLE
Rights Offer announcement, App. 3b lodged & option holder notice	Thursday, 31 March
dispatched	2022
Lodgement of Offer Document with ASX	Wednesday, 20 April2022
Ex-date	Friday, 22 April 2022
Record Date for determining entitlements	Tuesday, 26 April2022
Prospectus despatched to Qualifying Shareholders	Friday, 29 April 2022
Closing date of the Offer	Wednesday, 18 May2022
Securities quoted on a deferred settlement basis	Thursday, 19 May2022
Company notifies ASX of under subscriptions, issue Date (end of any	Wednesday, 25 May
deferred settlement trading), dispatch of holding Statements	2022

*The above dates are indicative and subject to change.

It is the intention of the directors to apply funds from the Placement Offer and Rights Offer as follows;

• i. Working capital;

• ii. 2022 East Greenland Exploration program (Conico: 100%), and

• iii. Further assessment of the Mt Thirsty Co-Ni Project (Conico Ltd: 50%, Greenstone Resources Ltd 50%).

A further update on the 2022 field season in Greenland will be made within the coming weeks.

Guy Le Page is a director of Conico and was authorised by the above signatory. For any queries regarding this announcement please contact Guy Le Page on +618 6380-9200.

Guy T Le Page, FFin, MAusIMM Director

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