CULLEN RESOURCES LIMITED — Capital/Financing Update 2020

Jun 28, 2020

Proposed issue of securities

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Announcement Summary

Entity name

CULLEN RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Monday June 29, 2020

The Proposed issue is:

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A standard pro rata issue (including non-renounceable or renounceable)

Total number of +securities proposed to be issued for a standard pro rata issue (including non-renounceable or renounceable)

ASX +Security Code

+Security Description

Maximum Number of +securities to be issued

CUL ORDINARY FULLY PAID 74,979,195

Ex date

Wednesday July 1, 2020

+Record date

Thursday July 2, 2020

Offer closing date

Monday July 27, 2020

Issue date

Monday August 3, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

CULLEN 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

Registration Number

ABN 46006045790

1.3 ASX issuer code

CUL

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Monday June 29, 2020

1.6 The Proposed issue is:

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A standard +pro rata issue (non-renounceable or renounceable)

1.6a The proposed standard +pro rata issue is:

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• Non-renounceable

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Part 3 - Details of proposed entitlement offer issue

Part 3A - Conditions

3A.1 - Are any of the following approvals required for the entitlement offer to be unconditional? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 3B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +Security Code and Description

CUL : ORDINARY FULLY PAID

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? No

If the entity has quoted company options, do the terms entitle option holders to participate on exercise? No

Details of +securities proposed to be issued

ASX +Security Code and Description

CUL : ORDINARY FULLY PAID

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Offer ratio (ratio to existing holdings at which the proposed +securities will be issued)

The quantity of additional +securities For a given quantity of +securities to be issued held 1 3

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What will be done with fractional Maximum Number of +securities entitlements? proposed to be issued Fractions rounded up to the next 74,979,195 whole number

Purpose of the issue

Advance exploration at the Company's two key projects and for other exploration projects,project generation and working capital.

Offer price details for retail security holders

Issue Currency Offer Price per +security Estimated or Actual? Actual AUD - Australian Dollar AUD 0.01300

Oversubscription & Scale back details

Are +security holders allowed to oversubscribe?

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Yes

Provide the oversubscription details

The Shortfall shares will only be issued if the Offer is undersubscribed and will only be issued to the extent necessary to make up any Shortfall in subscriptions.

If the Company receives applications

May a scale back be applied to this event? Yes

Provide the scale back details

If the Company receives applications for Shortfall Shares that would result in the Offer being oversubscribed, then the Company will not accept such oversubscriptions and will reject or scale back applications for Shortfall Shares.

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Part 3C - Timetable

3C.1 +Record date

Thursday July 2, 2020

3C.2 Ex date

Wednesday July 1, 2020

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3C.4 Record date

Thursday July 2, 2020

3C.5 Date on which offer documents will be sent to +security holders entitled to participate in the +pro rata issue Tuesday July 7, 2020

3C.6 Offer closing date

Monday July 27, 2020

3C.7 Last day to extend the offer closing date

Wednesday July 22, 2020

3C.9 Trading in new +securities commences on a deferred settlement basis

Tuesday July 28, 2020

3C.10 Last day for entity to announce the results of the offer to ASX, including the number and percentage of +securities taken up by existing +security holders and any shortfall taken up by underwriters or other investors

Thursday July 30, 2020

3C.11 Issue date

Monday August 3, 2020

3C.12 Date trading starts on a normal T+2 basis

Tuesday August 4, 2020

3C.13 First settlement date of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Thursday August 6, 2020

Part 3E - Fees and expenses

3E.1 Will there be a lead manager or broker to the proposed offer? No

3E.2 Is the proposed offer to be underwritten? No

3E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

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3E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer None Part 3F - Further Information 3F.1 The purposes for which the entity intends to use the cash raised by the proposed issue Advance exploration at the Company's two key projects, other projects, project generation and working capital. 3F.2 Will holdings on different registers or subregisters be aggregated for the purposes of determining entitlements to the issue? No 3F.3 Will the entity be changing its dividend/distribution policy if the proposed issue is successful? No 3F.4 Countries in which the entity has security holders who will not be eligible to participate in the proposed issue Austria, China, Germany, Hong Kong, Hungary,Indonesia, Japan, Jersey, Malaysia, New Caledonia, Oman, Singapore, United Kingdom, United States of America, Vanuatu. 3F.5 Will the offer be made to eligible beneficiaries on whose behalf eligible nominees or custodians hold existing +securities No 3F.6 URL on the entity's website where investors can download information about the proposed issue www.cullenresources.com.au 3F.7 Any other information the entity wishes to provide about the proposed issue No

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