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IRON BEAR RESOURCES LTD Share Issue/Capital Change 2023

Oct 15, 2023

65091_rns_2023-10-15_2cfaf35c-2c5a-48cb-92e3-bce47158395a.pdf

Share Issue/Capital Change

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ASX Announcement 16 October 2023

Conversion of Director Debt

Cyclone Metals Limited (ASX: CLE ) ( Cyclone or the Company ) advises that it has come to an agreement with Okewood Pty Ltd to convert $146,667 of current debt into equity (subject to regulatory approval) ( Debt Conversion ):

Creditor	Service of Description	Debt to be converted	Shares to be issued
Okewood Pty Ltd	Tony Sage director fees	$146,667	146,666,640

The debt will be converted based on a share price of $0.001 per share representing the Company’s current share price. Given the Debt Conversion relates to amounts owing to a Director of the Company, the Debt Conversion is subject to shareholder approval at the Company’s next annual general meeting.

Announcement authorised for release by the board of Cyclone.

ENDS

For further information please contact:

Investor Relations

Follow us +61 (0) 8 9380 9555 @cyclonemetals [email protected] cyclone-metals