CULLEN RESOURCES LIMITED — Capital/Financing Update 2018

Dec 16, 2018

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ABN 46 006 045 790

www.cullenresources.com.au ASX Symbol: CUL 14 December 2018

Results of non-renounceable rights issue – Notification of shortfall

Cullen Resources Limited (the Company) is pleased to announce that the amount raised through acceptances of Entitlements and applications for Shortfall Shares under the rights issue, announced on 22 November 2018, totals $511,040. The rights issue closed on 11 December 2018.

Acceptances of Entitlements for a total of 22,824,503 New Shares raised $456,490.

A number of shareholders who accepted their full Entitlement also applied for Shortfall Shares under the offer. The Company has resolved that all applications for Shortfall Shares will be honoured. Accordingly 2,727,480 Shortfall Shares will also be issued raising $54,550.

In aggregate, therefore, the Company will issue, on 18 December 2018, 25,551,983 New Shares to eligible shareholders raising $511,040. The despatch of transaction confirmation statements will occur on 19 December 2018.

The above acceptances and application result in a remaining shortfall of a further 33,506,110 New Shares. The Company will look to place this remaining shortfall within three months of the offer closing date in accordance with the terms of the offer.

The Company wishes to thank shareholders for their on-going support.

Wayne Kernaghan Company Secretary

__________________________________________________________________________________ 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