IRON BEAR RESOURCES LTD — Capital/Financing Update 2020

Feb 20, 2020

Proposed issue of securities

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Announcement Summary

Entity name

CAPE LAMBERT RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement

Friday February 21, 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
CFEAC	OPTION EXPIRING VARIOUS DATES EX VARIOUS	21,200,000
	PRICES
CFE	ORDINARY FULLY PAID	20,000,000

Proposed +issue date

Wednesday February 19, 2020

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

CAPE LAMBERT 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

71095047920

1.3 ASX issuer code

CFE

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Friday February 21, 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? Yes

Details of +securities proposed to be issued

ASX +Security Code and Description

CFE : ORDINARY FULLY PAID

Maximum Number of +securities proposed to be issued

20,000,000

Purpose of the issue

Placement of shares pursuant to a capital raising to a sophisticated investor

Offer price details for retail security holders

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.00500

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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Oversubscription & Scale back details

May a scale back be applied to this event? No

Attaching +Security

Is the proposed attaching 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

Attaching +Security - Existing class (additional +securities in a class that is already quoted or recorded by ASX)

Details of attaching +securities proposed to be issued
ASX +Security Code and Description
CFEAC : OPTION EXPIRING VARIOUS DATES EX VARIOUS PRICES
Maximum Number of +securities proposed to be issued
21,200,000
Offer price details for retail security holders
In what currency is the cash consideration being paid?	What is the issue price per +security?
AUD - Australian Dollar
	AUD
Oversubscription & Scale back details
May a scale back be applied to this event?
No
Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that
class?
No
If some of the issued +securities do not rank equally
Is the actual date from which the +securities will rank
equally (non-ranking end date) known?
No
Provide the estimated non-ranking end period Upon exercise of the Options into fully ordinary shares, the ordinary fully paid shares	allotted shares will rank equally in all respects with existing

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Proposed issue of securities

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Please state the extent to which the +securities do not rank equally: In relation to the next dividend, distribution or interest payment; or For any other reason

Upon exercise of the Options into fully ordinary shares, the allotted shares will rank equally in all respects with existing ordinary fully paid shares

Part 7C - Timetable

7C.1 Proposed +issue date

Wednesday February 19, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

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? Yes

7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1?

21,200,000 unlisted options with an exercise price of $0.006 each expiring on 30 June 2023

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)? Yes

7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A?

20,000,000 fully paid ordinary shares

7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate

Placement to sophisticated investor

7D.2 Is a party referred to in listing rule 10.11.1 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

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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?

Empire Capital Partners

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

6% cash fee plus 1.2m options with an exercise price of $0.006 expiring 30 June 2023

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.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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