CULLEN RESOURCES LIMITED — Capital/Financing Update 2014

Sep 14, 2014

==> picture [462 x 65] intentionally omitted <==

ABN 46 006 045 790 www.cullenresources.com.au ASX Symbol: CUL 15 September 2014

PRO-RATA NON-RENOUNCEABLE RIGHTS ISSUE ON A 1 FOR 7 BASIS AT $0.012 TO RAISE UP TO $1.78 MILLION

Cullen Resources Limited ( Cullen or the Company ) is pleased to announce an equity raising of up to $1,780,239 before costs, via a pro-rata, non-renounceable rights issue ( Rights Issue ).

Eligible shareholders will have the opportunity to subscribe for 1 new fully paid ordinary share in the Company for every 7 shares held as at 7.00pm (Melbourne time) on 19 September 2014 ( Record Date) at an issue price of $0.012.

Based on the current capital structure of the Company (and assuming no options to acquire shares are exercised prior to the Record Date), if the Rights Issue is fully subscribed, an additional 148,353,263 new shares will be issued ( New Shares ).

The Directors reserve the right to allocate any shortfall in New Shares not taken up under the Rights Issue, at their absolute discretion.

The Rights Issue provides the opportunity for Shareholders to increase their holding of Shares and participate in the future development of the Company. The funds raised from the Rights Issue will be used by the Company primarily to continue to participate in the Mt Stuart Iron Ore Joint Venture, for further exploration of nickel and gold prospects in the Company’s 100%-owned Mt Eureka project, and for working capital requirements.

As at the date of this announcement, the Company has 1,038,472,843 shares on issue, and 6,000,000 unlisted options.

Full details of the Rights Issue can be found in the Appendix 3B and offer document that have also been lodged with the ASX. It is expected that the offer document and accompanying Entitlement and Acceptance Form will be dispatched to eligible shareholders on 24 September 2014 in accordance with the timetable below.

Shareholders with queries concerning the Rights Issue should contact their professional advisor or the Company’s share registry, Computershare Limited, on 1300 137 328 between 8.00 am and 5.00 pm (AEST) Monday to Friday, or by email to: essential.registry@computershare.com.au

Chris Ringrose – Managing Director T: 089 474 5511

E: cringrose@cullenresources.com.au

__________________________________________________________________________________ Unit 4, 7 Hardy Street South Perth | Western Australia 6151 Telephone: +61 8 9474 5511 | Facsimile: +61 8 9474 5588 E-mail: cullen@cullenresources.com.au Website: www.cullenresources.com.au

The anticipated timetable for the Rights Issue is as follows:

Event	Date
AnnouncementoftheOffer,lodgement of Appendix 3B and OfferDocument with the ASX	15 September 2014
Noticesenttoshareholderscontaining information required byAppendix 3B	16 September 2014
Existing Shares quoted on “ex” basis	17 September 2014
RecordDatetodetermineEntitlements under the Offer (RecordDate)	7.00pm (Melbourne time) on 19September 2014
Offer Document and Entitlement andAcceptanceFormdespatchedtoEligibleShareholders(OpeningDate)	24 September 2014
Last day to extend Offer	30 September 2014
Final date and time for receipt ofacceptance and payment in full(Closing Date)	5.00pm (Melbourne time) on 9October 2014*
New Shares quoted on a deferredsettlement basis	10 October 2014*
Company to notify ASX of undersubscriptions	15 October 2014*
Despatch of transaction confirmationstatements(holdingstatements)(Issue Date)	17October 2014*
Date of quotation of New Sharesissued under the Rights Issue	20 October 2014*

• Assuming that the Offer is not extended. Subject to the Listing Rules, the Directors reserve the right to amend the timetable at their discretion

2