LATITUDE 66 LIMITED — Capital/Financing Update 2018

Oct 24, 2018

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Assets, Experience, Growth

ASX ANNOUNCEMENT – 25 October 2018

CONFIRMATION OF EXERCISE PRICES OF OPTIONS PROPOSED TO BE ISSUED TO MANAGING DIRECTOR

Syndicated Metals Limited (ASX: SMD) advises that further to the Company’s Notice of Annual General Meeting released to ASX on 21 September 2018, the volume weighted average price ( VWAP ) of the Company’s shares for the 10 trading days prior to today’s Annual General Meeting to be used in the calculation of the exercise prices of the options proposed to be issued to Mr David Morgan pursuant to Resolution 6 at today’s Annual General Meeting is $0.006.

As detailed in the explanatory memorandum to the notice of meeting, the exercise prices of the options will be equal to a 50% premium (for Tranche 1), 75% premium (for Tranche 2) and 100% premium (for Tranche 3) to the greater of the VWAP of Shares on ASX for the 10 Trading Days prior to the Annual General Meeting, being $0.006, and $0.009 being the market price of Shares as at the date of Director approval for the Option issue.

Based upon the above, the premium to be applied to each tranche of options is therefore based upon the higher market price of $0.009.

The following table summarises the options that may be issued to Mr Morgan subject to the passing of Resolution 6 at today’s Annual General Meeting:

Tranche	Number ofIncentiveOptions	ExercisePrice	Vesting Date	Expiry Date
1	1,666,666	$0.0135	Vest immediately	9 September 2022
2	1,666,667	$0.0158	Vest 6 months after issue date	9 September 2022
3	1,666,667	$0.0180	Vest 12 months after issue date	9 September 2022
Total	5,000,000

ENDS