EMETALS LIMITED — Capital/Financing Update 2018

Nov 4, 2018

CORIZON LIMITED

ASX: CIZ

5 November 2018

The Manager
Market Announcements Office
Level 40, Central Park, 152-158 St George's Terrace
PERTH WA 6000

ENTITLEMENT ISSUE CLOSURE AND NOTICE OF SHORTFALL

The Directors of Corizon Limited (CIZ) (Corizon) are pleased to advise that its non-renounceable Entitlement Issue Offer (Entitlement Issue) announced on 8 October 2018 closed on Wednesday 31 October 2018.

This notice is given in accordance with Appendix 7A of the ASX Listing Rules.

Eligible Shareholders applied for 6,588,824 shares totalling $131,776 as per their eligible holder rights. Furthermore, the Company and the Lead Manager have accepted additional entitlement issue applications for a further 58,500 shares totalling $1,170. The remaining shortfall of 150,852,702 shares totalling $3,017,054 (or approximately 96%) will be placed at the discretion of the Board of Directors and under advice from Cicero Advisory Services Pty Ltd as Lead Manager to the Offers and otherwise in accordance with Exception 3 of ASX Listing Rule 7.2.

The Entitlement Issue will raise a total amount of approximately $3,150,000 (before costs and expenses of the offer). Net proceeds will be applied as described in the Entitlement Issue Offer Prospectus lodged with ASX on 5 October 2018. It is expected that allotment and issue of the new shares to accepting shareholders will occur on or about 20 November 2018. Holding statements for the new shares will be despatched shortly thereafter.

Corizon wishes to provide an addendum to the timetable stipulated within the Prospectus. Corizon advises that it has extended the closing dates of the Shortfall Offer and the Public Offer from 6 November 2018 to 20 November 2018.

UPDATED INDICATIVE TIMETABLE

Event	Date – To be confirmed
Lodgement of Prospectus with ASIC	5 October 2018
Notice sent to Shareholders	9 October 2018
Ex Date	10 October 2018
Record Date for determining Shareholder entitlements	11 October 2018
Prospectus sent out to Shareholders	16 October 2018
Last day to extend the Entitlement Offer	22 October 2018
Closing date of Entitlement Offer¹	31 October 2018
Securities quoted on a deferred settlement basis	1 November 2018
Notify ASX of under-subscriptions	5 November 2018
Closing date of the Public Offer	20 November 2018
Closing date of the Shortfall Offer²,³
Issue date of Shares subscribed for under the Entitlement Offer³
Settlement of Acquisition³
Despatch of holding statements	24 November 2018
Re-quotation of securities on ASX (subject to CIZ re-complying with Chapters 1 and 2 of the ASX Listing Rules and subject to ASX agreeing to reinstate CIZ’s securities to quotation)	7 December 2018

1. The Directors may extend the Entitlement Offer Closing Date by giving at least 3 Business Days' notice to ASX prior to the Entitlement Offer Closing Date.
2. The Company reserves the right to extend the Public Offer Closing Date or close the Public Offer early without prior notice.

Suite 9, 330 Churchill Avenue, Subiaco WA 6008 | PO Box 866, Subiaco WA 6904
P + 61 8 6489 1600 | F + 61 8 6489 1601 | ABN 71 142 411 390

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CORIZON LIMITED

1. The issue date of securities under the Entitlement Offer, Shortfall Offer and Public Offer, as well as under the Acquisition Agreement, are subject to and conditional upon receipt of conditional approval from ASX for the reinstatement of the Company to trading on the Official List. As such, those securities may not be issued on the date set out in the timetable above, which is consistent with the requirements under the ASX Listing Rules in respect of the Entitlement Offer.

ASX has approved an extension to the date by which the Company may issue securities under the Entitlement Offer (which would generally be required no longer than 5 Business Days following the closing date of the Entitlement Offer) until such time as the Company has received conditional approval to be reinstated to trading, and those conditions have been met to the Company's satisfaction.

The above stated date for settlement of the Acquisition and re-instatement to quotation is therefore only a good faith estimate by the Directors and may be extended. The Company reserves the right not to proceed with the Offers at any time before the issue of securities

For further information contact:
Sonu Cheema
Company Secretary
Corizon Limited
reception@cicerocorporate.com.au