CONSTELLATION RESOURCES LIMITED — Capital/Financing Update 2020

Jul 19, 2020

Proposed issue of securities

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Announcement Summary

Entity name

CONSTELLATION RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Monday July 20, 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	Unlisted incentive options exercisable at $0.40 each on or	433,333
	before 30 June 2023
n/a	Unlisted incentive options exercisable at $0.50 each on or	433,333
	before 30 June 2023
n/a	Unlisted incentive options exercisable at $0.60 each on or	433,334
	before 30 June 2023

Proposed +issue date

Monday July 20, 2020

Refer to next page for full details of the announcement

Proposed issue of securities

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CONSTELLATION 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

57153144211

1.3 ASX issuer code

CR1

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Monday July 20, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Proposed issue of securities

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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 No

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 ASX +security code +Security description New class-code to be confirmed Unlisted incentive options exercisable at $0.40 each on or before 30 June 2023

+Security type

Options

Number of +securities proposed to be issued

433,333

Offer price details

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Proposed issue of securities

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Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

	Please describe the consideration being provided for the +securities	Please describe the consideration being provided for the +securities	Please describe the consideration being provided for the +securities
	Issue of incentive options to key employees and consultants of the Company as part of their remuneration arrangement
	and to incentivise their continued performance.
	Please provide an estimate of the AUD equivalent of the consideration being
	provided for the +securities
	Will all the +securities issued in this class rank equally in all respects from
	their issue date?
	Yes
	Options details
	+Security currency	Exercise price	Expiry date
	AUD - Australian Dollar	AUD 0.4000	Friday June 30, 2023
	Details of the type of +security that will be issued if the option is exercised
	CR1 : ORDINARY FULLY PAID
	Number of securities that will be issued if the option is exercised
	433,333
	Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities
	proposed to be issued or provide the	information by separate announcement.
	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)

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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 ASX +security code +Security description New class-code to be confirmed Unlisted incentive options exercisable at $0.50 each on or before 30 June 2023

+Security type

Options

Number of +securities proposed to be issued

433,333

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Issue of incentive options to key employees and consultants of the Company as part of their remuneration arrangement and to incentivise their continued performance.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

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

Options details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.5000 Friday June 30, 2023 Details of the type of +security that will be issued if the option is exercised CR1 : ORDINARY FULLY PAID Number of securities that will be issued if the option is exercised 433,333

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Proposed issue of securities

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Proposed issue of securities

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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 ASX +security code +Security description New class-code to be confirmed Unlisted incentive options exercisable at $0.60 each on or before 30 June 2023

+Security type

Options

Number of +securities proposed to be issued 433,334

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Issue of incentive options to key employees and consultants of the Company as part of their remuneration arrangement and to incentivise their continued performance.

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

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

Options details

+Security currency

AUD - Australian Dollar

Exercise price AUD 0.6000

Expiry date Friday June 30, 2023

Proposed issue of securities

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Details of the type of +security that will be issued if the option is exercised

CR1 : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

433,334

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Part 7C - Timetable

7C.1 Proposed +issue date

Monday July 20, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

1,300,000

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 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

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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 Not applicable Part 7F - Further Information 7F.01 The purpose(s) for which the entity is issuing the securities Issue of incentive options to key employees and consultants of the Company as part of their remuneration arrangement and to incentivise their continued performance. 7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No 7F.2 Any other information the entity wishes to provide about the proposed issue Not applicable

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