IMUGENE LIMITED — Capital/Financing Update 2020

Oct 14, 2020

Proposed issue of securities

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Announcement Summary

Entity name

IMUGENE LIMITED

Announcement Type

New announcement

Date of this announcement

Thursday October 15, 2020

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 IMU ORDINARY FULLY PAID 3,503,914

Proposed +issue date

Thursday October 15, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

IMUGENE 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

99009179551

1.3 ASX issuer code

IMU

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Thursday October 15, 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

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No

Part 7B - Issue details

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)? Existing class

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

Details of +securities proposed to be issued

ASX +security code and description

IMU : ORDINARY FULLY PAID

Number of +securities proposed to be issued

3,437,136

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 0.02600

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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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 IMU : ORDINARY FULLY PAID

Number of +securities proposed to be issued

66,778

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 0.04000

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

Part 7C - Timetable

7C.1 Proposed +issue date

Thursday October 15, 2020

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? No

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7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 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? No

Part 7E - Fees and expenses

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

7E.2 Is the proposed issue to be underwritten? Yes

7E.2a Who are the underwriter(s)?

IMUOA is underwritten, effective on 9 September 2020. The underwriter is Bell Porter Securities Limited (Bell Porter). IMUOB is not underwritten.

7E.2b What is the extent of the underwriting (ie the amount or proportion of the proposed issue that is underwritten)?

Bell Porter subscribes for the shortfall shares to be issued on exercise of the outstanding balance as at 8 September 2020 of 217,462,548 IMUOA Options, at the same price as the option exercise price of A$0.026.

7E.2c What fee, commission or other consideration is payable to them for acting as underwriter(s)?

Bell Potter will receive an underwriting fee of 2% of the gross proceeds of the exercise of the IMUOA Options and is also entitled to reimbursement of certain expenses.

7E.2d Please provide a summary of the significant events that could lead to the underwriting being terminated.

The underwriting agreement in relation to the IMUOA Options includes a number of customary termination events including not limited to circumstances where the S&P/ASX 200 Index closes at a level that is 90% or less of the level of that index as at the close of trading on the business day immediately preceding the date of the underwriting agreement, or a materially adverse change occurs in the assets, liabilities, financial position or operations of the Company.

7E.3 Is a party referred to in listing rule 10.11 underwriting or sub-underwriting the proposed issue? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue N/A

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Part 7F - Further Information

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7F.01 The purpose(s) for which the entity is issuing the securities

Exercise of Options.

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

N/A

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