ENEGEX LIMITED — Capital/Financing Update 2023

Jan 29, 2023

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

ENEGEX LIMITED

Announcement Type

New announcement

Date of this announcement

30/1/2023

The Proposed issue is:

==> picture [8 x 8] intentionally omitted <==

An offer of securities under a securities purchase plan

Total number of +securities proposed to be issued for an offer of securities under a securities purchase plan

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
New class-code to be	Unlisted option ex Price $0.05 Expiry Date 31 Jan 2026	16,891,602
confirmed
ENX	ORDINARY FULLY PAID	33,783,203

+Record date

27/1/2023

Offer closing date

27/2/2023

+Issue date

2/3/2023

Refer to next page for full details of the announcement

Proposed issue of securities

1 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 1 - Entity and announcement details

1.1 Name of +Entity

ENEGEX 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.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

Registration Number

ABN 28160818986

1.3 ASX issuer code

ENX

1.4 The announcement is

==> picture [8 x 8] intentionally omitted <==

New announcement

1.5 Date of this announcement

30/1/2023

1.6 The Proposed issue is:

==> picture [8 x 8] intentionally omitted <==

An offer of +securities under a +securities purchase plan

Proposed issue of securities

2 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 Do any external approvals need to be obtained or other conditions satisfied before the offer of +securities under the +securities purchase plan issue can proceed on an unconditional basis? No

Proposed issue of securities

3 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 4B - 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

ENX : ORDINARY FULLY PAID

Will the proposed issue of this +security include an offer of attaching +securities? Yes

Details of +securities proposed to be issued

ASX +security code and description ENX : ORDINARY FULLY PAID Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 33,783,203

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No

Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? Yes Describe the maximum subscription condition $1,013,496 Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)? Yes Is the minimum acceptance unit based or dollar based? Dollar based ($) Please enter the minimum acceptance value $ 2,000 Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)? Yes Is the maximum acceptance unit based or dollar based? Dollar based ($)

Proposed issue of securities

4 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Please enter the maximum acceptance value

$ 30,000

==> picture [423 x 342] intentionally omitted <==

----- Start of picture text -----

Describe all the applicable parcels available for this offer in number of securities or dollar value
$2,000, $5,000, $10,000, $15,000, $20,000, $25,000, $30,000
Offer price details
Has the offer price been determined?
Yes
In what currency will the offer What is the offer price per
be made? +security?
AUD - Australian Dollar AUD 0.03000
Oversubscription & Scale back details
Will a scale back be applied if the offer is over-subscribed?
Yes
Describe the scale back arrangements
In the event of oversubscription by the Closing Date, the Directors may, in their absolute discretion,
scale-back applications on an equitable basis. Scale-back for shares held by Custodians will be applied
at the level of the underlying Beneficiary. If the Company rejects or scales-back an Application or
purported application, the Company will promptly return the relevant Application monies to the
shareholder, without interest.
Will these +securities rank equally in all respects from their issue date with the existing issued
+securities in that class?
Yes
----- End of picture text -----

Attaching +Security

The proposed attaching security can only be of an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX) New class Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

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

Have you received confirmation from ASX that the terms Will the entity be seeking quotation of the 'new' class of of the proposed +securities are appropriate and +securities on ASX? equitable under listing rule 6.1? No No

Proposed issue of securities

5 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

ASX +security code New class-code to be confirmed +Security description Unlisted option ex Price $0.05 Expiry Date 31 Jan 2026	ASX +security code New class-code to be confirmed +Security description Unlisted option ex Price $0.05 Expiry Date 31 Jan 2026
New class-code to be confirmed	Unlisted option ex Price $0.05 Expiry Date 31 Jan 2026

+Security type

Options

Offer ratio (ratio of attaching securities at which the new +securities will be issued)

The quantity of attaching +securities to be issued	For a given quantity of the new +securities issued
1	2
What will be done with fractional entitlements?	Maximum total number of those +securities that could be
Fractions rounded up to the next whole number	issued if all offers under the +securities purchase plan are accepted
	16,891,602

Offer price details

Offer price details
Has the offer price been determined?
Yes
In what currency will the offer be made?	What is the offer price per +security?
AUD - Australian Dollar	AUD 0.00001

Please confirm whether the offer of the attaching +securities is a separate offer to the offer pursuant to the +security purchase plan

==> picture [9 x 9] intentionally omitted <==

No

Please confirm whether the attaching +securities are being offered under a +disclosure document or +PDS Yes

Oversubscription & Scale back details

Will a scale back be applied if the offer is over-subscribed?

==> picture [9 x 8] intentionally omitted <==

Yes

Describe the scale back arrangements

In the event of oversubscription by the Closing Date, the Directors may, in their absolute discretion, scale-back applications on an equitable basis. Scale-back for shares held by Custodians will be applied at the level of the underlying Beneficiary. If the Company rejects or scales-back an Application or purported application, the Company will promptly return the relevant Application monies to the shareholder, without interest.

Will all the +securities issued in this class rank equally in all respects from their issue date?

==> picture [9 x 9] intentionally omitted <==

Yes

Options details

+Security currency

AUD - Australian Dollar

Proposed issue of securities

6 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Exercise price Expiry date AUD 0.0500 31/1/2026

Details of the type of +security that will be issued if the option is exercised

ENX : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

One fully paid ordinary share (ASX: ENX)

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

https://www.enegex.com/

Part 4C - Timetable

4C.1 Date of announcement of +security purchase plan

30/1/2023

4C.2 +Record date

27/1/2023

4C.3 Date on which offer documents will be made available to investors

7/2/2023

4C.4 Offer open date

7/2/2023

4C.5 Offer closing date

27/2/2023

4C.7 +Issue date and last day for entity to announce results of +security purchase plan offer

2/3/2023

Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? Yes

Proposed issue of securities

7 / 8

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? No 4E.2 Is the proposed offer to be underwritten? No 4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer Part 4F - Further Information 4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue To fund Enegex's activities including its forward exploration programs. 4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No 4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer China 4F.3 URL on the entity's website where investors can download information about the proposed offer https://www.enegex.com/ 4F.4 Any other information the entity wishes to provide about the proposed offer

Proposed issue of securities

8 / 8