DEVEX RESOURCES LIMITED — Capital/Financing Update 2020

Jul 7, 2020

Proposed issue of securities

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Announcement Summary

Entity name

DEVEX RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Wednesday July 8, 2020

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +Security Code	+Security Description	+securities to be issued
DEV	ORDINARY FULLY PAID	55,690,767

Proposed +issue date Wednesday July 15, 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

DEVEX 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

ABN

Registration Number

74009799553

1.3 ASX issuer code

DEV

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Wednesday July 8, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval Monday August 31, 2020 Estimated

Comments

The Placement is in 2 Tranches. Tranche 1 being the issue of 47,590,767 shares under the Company's existing 25% placement capacity under ASX listing rules 7.1 and 7.1A (approval granted at the AGM on 27 November 2019). Tranche 2 will issue 8,100,000 shares to directors and their related related parties which will be subject to shareholder approval at a general meeting.

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

ASX +Security Code and Description

DEV : ORDINARY FULLY PAID

Maximum Number of +securities proposed to be issued

55,690,767

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Purpose of the issue

To raise capital to fund drilling programs and continued exploration at the Company's projects in NSW and WA. For additional information refer to the ASX Announcement released on 8 July 2020.

Offer price details for retail security holders

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.10000

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

Oversubscription & Scale back details

May a scale back be applied to this event? No

Part 7C - Timetable

7C.1 Proposed +issue date

Wednesday July 15, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

28,554,460

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? Yes

7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?

19,036,307

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7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate

The issue of shares was made as a placement to sophisticated and professional investors as it was considered by the Board a more efficient mechanism of raising capital in a timely manner. The Company also considered that there were significant benefits in introducing cornerstone investors to the shareholder base.

7D.2 Is a party referred to in listing rule 10.11.1 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? Yes

7E.1a Who is the lead manager/broker?

Bell Potter Securities Limited and Taylor Collison Limited as joint lead managers.

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

A management/selling fee of 5% is payable on the proceeds of the issue.

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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