CULLEN RESOURCES LIMITED — Capital/Financing Update 2020

Jul 29, 2020

ABN 46 006 045 790

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www.cullenresources.com.au ASX Symbol: CUL 30 July 2020

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 29 June 2020, totals $974,741. The rights issue closed on 27 July 2020.

Acceptances of Entitlements for a total of 50,486,773 New Shares raised $656,328 which left a shortfall of 24,493,300 New Shares.

A number of shareholders who accepted their Entitlement also applied for Shortfall Shares under the offer which was oversubscribed with the Company receiving applications for a total of 49,932,711 Shortfall Shares. The Company scaled back these additional applications, as per the policy set out in the Offer Document, which will see 24,493,300 new shares being issued raising $318,413.

In aggregate therefore, on 3 August 2020 the Company will issue 74,980,073 New Shares to eligible shareholders raising $974,741.

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

Authorised for release by the Board.

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