DEVEX RESOURCES LIMITED — Capital/Financing Update 2019

Sep 29, 2019

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30 September 2019

T: +61 (0) 8 9322 3990 F: +61 (0) 8 9322 5800 E: info@devexresources.com.au W: www.devexresources.com.au

The Manager Level 40 Central Park 152‐158 St Georges Terrace Perth WA 6000

Dear Sir

Proposed Issue of Unlisted Options pursuant to Employee Incentive Scheme

DevEx Resources Limited (ASX: DEV) (“DevEx” or the “Company”) advises that the Board has resolved to issue a total of 6,750,000 unlisted options to Directors of the Company under the terms and conditions of the Company’s Employee Incentive Scheme as set out below.

The issue of options to Directors is subject to shareholder approval at the Company’s upcoming Annual General Meeting in late November 2019. The Company provides the following information in relation to the proposed issue.

	Brendan Bradley	Tim Goyder, Richard Hacker
		and Bryn Jones
Number proposed to be	3,000,000	1,250,000 each
issued		(3,750,000 in total)
Principle terms	The unlisted Share Options will	be issued under the terms and
	conditions of the Company’s Employee Incentive Plan
Exercise Price	$0.135	$0.135
Vesting	50% in 12 months	Immediately
	50% in 24 months
ExpiryDate	28 November 2022

The exercise price represents a premium of 50% to the Company’s closing price of $0.09 on 25 September 2019.

Yours faithfully

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Rebecca Broughton

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DevEx Resources Limited ABN: 74 009 799 553

Level 2, 1292 Hay Street, West Perth WA 6005, Australia GPO Box 2890, Perth WA 6001