HILLGROVE RESOURCES LIMITED — Capital/Financing Update 2021

Sep 29, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

HILLGROVE RESOURCES LIMITED

Date of this announcement

Thursday September 30, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
New class - code	Unlisted options	20,000,000	30/09/2021
to be confirmed

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

HILLGROVE RESOURCES LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

73004297116

1.3 ASX issuer code

HGO

1.4 The announcement is

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New announcement

1.5 Date of this announcement

30/9/2021

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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Other

Please specify

Unlisted options as part of JLM remuneration for the Placement.

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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----- Start of picture text ----- New +securitiesASX +security code +Security descriptionNew class - code to be confirmed Unlisted options+Security type ISIN codeOptionsDate the +securities the subject of this notification were issued30/9/2021Will all the +securities issued in this class rank equally in all respects from their issue date?YesHave you received confirmation from ASX that the terms of the +securities are appropriate and equitable underlisting rule 6.1?YesPlease provide a URL link for a document lodged with ASX setting out the material terms of the +securities beingissued.Please refer Appendix 3B as set out in the announcement of 22 September 2021Options Details+Security currency Exercise price Expiry dateAUD - Australian Dollar AUD 0.07800000 30/9/2024Details of the existing class of +security that will be issued upon exercise or conversion of this new class ofcompany optionOtherDescriptionOrdinary sharesAny other information the entity wishes to provide about the +securities the subject of this notification----- End of picture text -----

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

It was noted in section 7E.1B of the Appendix 3B as released on 22 September 2021.

Issue details

Number of +securities 20,000,000

Were the +securities issued for a cash consideration?

No Please describe the consideration being provided for the +securities

For services provided related to the Placement as announced to the market on 22 September 2021.

Purpose of the issue To pay for services rendered

Additional Details

For services provided related to the Placement as announced to the market on 22 September 2021.

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
HGO : ORDINARY FULLY PAID	936,969,381
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
HGOAA : PERFORMANCE RIGHTS	37,241,841
HGOAW : OPTION EXPIRING 14-MAY-2025 EX $0.10	8,000,000
HGOAX : OPTION EXPIRING 14-MAY-2026 EX $0.15	6,000,000
New class - code to be confirmed : Unlisted options	20,000,000

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

20,000,000

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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