EMMERSON RESOURCES LIMITED — Capital/Financing Update 2020

Jul 1, 2020

Proposed issue of securities

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Update Summary

Entity name

EMMERSON RESOURCES LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

Thursday July 2, 2020

Reason for update to a previous announcement

The placement has been delayed due to delays in funding from the investor caused primarily by COVID 19 related matters.

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

EMMERSON 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 53117086745

1.3 ASX issuer code

ERM

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

The placement has been delayed due to delays in funding from the investor caused primarily by COVID 19 related matters.

1.4b Date of previous announcement(s) to this update

Tuesday April 28, 2020

1.5 Date of this announcement

Thursday July 2, 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 Friday August 7, 2020 Estimated

Comments

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

ERM : ORDINARY FULLY PAID

Maximum Number of +securities proposed to be issued

1,298,701

Reason for the update of 'Maximum Number of +securities proposed to be issued'

The issue price has been amended from $0.14 per share to $0.154 per share though the amount raised of $0.2 million remains the same.

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Purpose of the issue

Placement issued under a subscription agreement to provide working capital (Tranche 1 Subscription)

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 0.15400

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

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

ERM : ORDINARY FULLY PAID

Maximum Number of +securities proposed to be issued

11,688,312

Reason for the update of 'Maximum Number of +securities proposed to be issued'

The issue price has been amended from $0.14 per share to $0.154 per share though the amount raised of $1.8 million remains the same.

Purpose of the issue

Placement issued under a subscription agreement to provide working capital (Tranche 2 Subscription)

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 0.15400

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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 Tuesday August 11, 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? Yes 7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Friday August 7, 2020

7D.2 Is a party referred to in listing rule 10.11.1 participating in the proposed issue? No 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? Yes

7D.4a Please enter the number and +class of the +securities subject to +voluntary escrow and the date from which they will cease to be subject to +voluntary escrow

12,987,013 Fully Paid Ordinary Shares to be held in escrow for 12 months from the date of issue

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

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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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