GREENWING RESOURCES LTD — Capital/Financing Update 2018

Dec 19, 2018

ASX Announcement 20 December 2018

The Manager Australian Securities Exchange Ltd

Placement under ASX Listing Rule 7.1A and notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)

Bass Metals Ltd ( ASX:BSM ) (“ Bass ” or “ Company ”) refers to its announcement of 14 December 2018 in relation to the placement of shares to investors ( Placement ).

The Company advises that it has today issued 214,771,284 ordinary shares to investors under the Placement using the Company’s placement capacity under ASX Listing 7.1A.

Information required by ASX Listing Rule 3.10.5A.

The Company provides the following information in accordance with ASX Listing Rule 3.10.5A.

1. A total of 214,771,284 ordinary shares have been issued under the Placement using part of the Company’s ASX Listing Rule 7.1A capacity. Existing shareholders have been diluted by 8.5% following the issue of shares under the Placement. A breakdown of the dilution calculation is provided below –

Shares on issue prior to the issue of Placement sharn on 20 December 2018	e2,539,194,246
Shares issued today under ASX Listing Rule 7.1A	214,771,284
Total Shares on Issue at 20 December 2018	2,761,381,8641
Dilution to existing shareholders due to theissue of Placement shares under Listing Rule7.1A capacity	8.5%

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1 The total Shares on issue as at 20 December 2018 includes 66,334 shares issued on conversion of listed options and 7,350,000 shares issued under the Bass Metals Incentive Scheme.

1. The securities have been issued for cash. The Company’s Board proposed that the securities be issued as a placement under Listing rule 7.1A and not as a pro rata issue or other type of issue in which ordinary shareholders would have been able to participate as it was considered to be the quickest, most efficient and certain way to raise funds in the short term for costs in relation to the Company’s continued development.

2. The Placement was not underwritten but was jointly managed under a mandate between the Company and Joint Lead Managers, Bizzell Capital Partners Pty Ltd, Morgan Corporate Pty Ltd and Baillieu Limited.

3. Fees payable to the Joint Lead Managers are 6% of the funds raised under the placement ( Placement Fees ). In addition to the Placement Fees, 715,359 options exercisable at $0.05c expiring 31 December 2020 will be issued to Bizzell Capital Partners Pty Ltd for managing the Placement.

4. The Company will also incur miscellaneous expenses including listing fees and legal fees in respect of the Placement.

Notice under s708A(5)(e) of the Corporations Act, 2001 (Cth)

Bass Metals Limited ( Company ) confirms the issue of a total of 222,187,618 fully paid ordinary shares ( Shares ) issued today.

An Appendix 3B has been lodged in respect of the issue of these Shares.

The Corporations Act restricts the on sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A of the Corporations Act. By giving this notice, a sale of the Shares referred to above will fall within the exemption in section 708A(5) of the Corporations Act.

Pursuant to section 708(5)(e) of the Corporations Act, the Company gives notice that:

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• (a) the Company issued the Shares without disclosure under Part 6D.2 of the Corporations Act; and

• (b) as at the date of this notice, the Company has complied with

  • (i) the provisions of Chapter 2M as they apply to the Company; and

  • (ii) section 674; and

• (c) as at the date of this notice, there is no information:

  • (i) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules to whom that notice is required to be given; and

  • (ii) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

    • A. the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

    • B. the rights and liabilities attaching to the Shares.

For more information, please contact:

Tim McManus

Chief Executive Officer Phone: (07) 3203 5894 Email: admin@bassmetals.com.au

Peter Wright

Executive Director Phone: (07) 3203 5894 Email: admin@bassmetals.com.au

www.bassmetals.com.au @bassmetals

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