IRON BEAR RESOURCES LTD — Capital/Financing Update 2022

Jul 27, 2022

ASX Announcement

28 July 2022

==> picture [198 x 67] intentionally omitted <==

Placement

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) is pleased to announce that it is undertaking a placement to raise up to AUD$500,000 at an issue price of $0.004 per fully paid ordinary share ( Placement ). Participants of the Placement will also be entitled to receive one unlisted option for every two shares at an exercise price of $0.005 expiring 30 June 2024 ( Placement Options ). Funds raised will be used for working capital.

The Placement and Placement Options is intended to be made to unrelated sophisticated investors introduced by the Company’s directors without shareholder approval using the Company’s capacity under Listing Rule 7.1 and 7.1A and will remain open until 31 August 2022.

This announcement has been approved by the Company’s board of directors.

Yours faithfully Cyclone Metals Limited

Terry Donnelly Non-Executive Chairman

For further information please contact:

Investor Relations

Follow us +61 (0) 8 9380 9555 @cyclonemetals ir@cyclonemetals.com cyclone-metals