FIN RESOURCES LIMITED — Capital/Financing Update 2021

Apr 27, 2021

Proposed issue of securities

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Announcement Summary

Entity name

FIN RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Wednesday April 28, 2021

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
n/a	Advisor options	50,000,000
n/a	Performance Options	25,000,000
FIN	ORDINARY FULLY PAID	181,000,000

Proposed +issue date

Tuesday June 15, 2021

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

FIN 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

25009121644

1.3 ASX issuer code

FIN

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Wednesday April 28, 2021

1.6 The Proposed issue is:

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A placement or other type of issue

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Proposed issue of securities

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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
+Security holder approval	Tuesday June 15, 2021	actual?	received/condition met?
		Estimated	No

Comments

1. LR 7.1 approval for 83,333,333 fully paid ordinary shares to be issued as consideration for the acquisition of an 80% interest in the North Onslow Solar Salt Project;

2. LR 7.1 approval for the second tranche of the Placement comprising 16,410,473 shares;

3. Approval for the participation in the placement of Non-Executive Director Mr Jason Bontempo (or his nominee) for 8.33m shares;

4. Approval to issue of 50m advisor options; and

5. Approval to issue 25m Director and Management Performance Options.

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

FIN : ORDINARY FULLY PAID

Number of +securities proposed to be issued

83,333,333

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Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Consideration for the acquisition of an 80% interest in the North Onslow Solar Salt Project .

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities 1,500,000.000000

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

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 FIN : ORDINARY FULLY PAID

Number of +securities proposed to be issued

89,333,333

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.01800

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

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Proposed issue of securities

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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 FIN : ORDINARY FULLY PAID Number of +securities proposed to be issued 8,333,334

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.01800

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

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)? New class

Details of +securities proposed to be issued

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

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

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ASX +security code +Security description New class-code to be confirmed Advisor options

+Security type

Options

Number of +securities proposed to be issued

50,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? Yes

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.00001

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

Options details

+Security currency AUD - Australian Dollar

Exercise price Expiry date AUD 0.0180 Sunday June 30, 2024

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

FIN : ORDINARY FULLY PAID

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

1 for 1

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.

Refer to ASX announcement "Acquisition of North Onslow Solar Salt Project " released 28 April 2021.

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? New class

Will the proposed issue of this +security include an offer of attaching +securities? No

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Details of +securities proposed to be issued

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

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Have you received confirmation from Will the entity be seeking quotation
ASX that the terms of the proposed of the 'new' class of +securities on
+securities are appropriate and ASX?
equitable under listing rule 6.1? No
No
ASX +security code +Security description
New class-code to be confirmed Performance Options
+Security type
Performance options/rights
Number of +securities proposed to be issued
25,000,000
Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?
No
Please describe the consideration being provided for the +securities
To remunerate and incentivise directors and management
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
360,000.000000
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Performance options/rights details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 0.0000 Saturday June 15, 2024
Details of the type of +security that will be issued if the option is exercised
FIN : ORDINARY FULLY PAID
Number of securities that will be issued if the option is exercised
1 for 1
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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.

Refer to ASX announcement "Acquisition of North Onslow Solar Salt Project " released 28 April 2021.

Part 7C - Timetable

7C.1 Proposed +issue date

Tuesday June 15, 2021

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

Tuesday June 15, 2021

7D.2 Is a party referred to in listing rule 10.11 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? 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

83,333,333 ORD voluntarily escrowed 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? Yes

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

Max Capital Pty Ltd and Chieftain Securities Pty Ltd

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

• Capital Raising fee of 6% (plus GST) of the dollar value of the total capital raised; and

• each have the right to subscribe for 25 million options at a subscription price of $0.00001, exercisable at $0.018 on or before 30 June 2024

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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.01 The purpose(s) for which the entity is issuing the securities

• acquire an 80% interest in the North Onslow Solar Salt Project

• to fund exploration across FIN's projects (including McKenzie Springs and the North Onslow Solar Salt Project if the 80% interest is acquired) and for working capital.

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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