RAREX LIMITED — Capital/Financing Update 2019

Jun 12, 2019

==> picture [279 x 66] intentionally omitted <==

ASX / MEDIA ANNOUNCEMENT

13 June 2019

CANCELLATION OF PERFORMANCE RIGHTS

Clancy Exploration Limited (ASX: CLY) (“Clancy” or the “Company”) advises that due to the Board determining that the milestones of the following performance rights are incapable of satisfaction due to the holder no longer being engaged by the Company, the rights are deemed to have lapsed:

• 100,000,000 Class A unquoted performance rights vesting on 3 August 2019, provided the holder does not resign from the Board before vesting

• 100,000,000 Class B unquoted performance rights vesting 12 months after the date that the 10 day VWAP for CLY shares on the ASX is $0.01 or higher within 3 years from the date of issue, provided the holder does not resign from the Board before vesting

• 100,000,000 Class C unquoted performance rights vesting 12 months after the date that the 10 day VWAP for CLY shares on the ASX is $0.015 or higher within 3 years from the date of issue, provided the holder does not resign from the Board before vesting

• 100,000,000 Class D unquoted performance rights vesting 12 months after the date that the 10 day VWAP for CLY shares on the ASX is $0.02 or higher within 3 years from the date of issue, provided the holder does not resign from the Board before vesting

• 20,000,000 Class E unquoted performance rights vesting on completion of formal transfer of legal title to the Bou Amzil Extension to the Company

• 30,000,000 Class F unquoted performance rights vesting on receipt of all requisite government approvals for a drill program and commencement of that drill program on the Company’s existing interests in Morocco

The capital structure of the Company is now as follows:

Security	Number
Shares	3,504,387,675
Unquoted Options exercisable at$0.004 expiringon 31 May2020	120,000,000
Unquoted Options exercisable at$0.007 expiringon 30 November 2020	20,000,000
Unquoted Options exercisable at$0.0065 expiringon 30 December 2020	30,000,000
Unquoted Options exercisable at$0.005 expiringon 24 October 2020	10,000,000
Class A Performance Rights on issue, vesting on 3 August 2019, provided theholder does not resign from the Board before vesting	15,500,000
Class B Performance Rights on issue vesting 12 months after the date that the 10day VWAP for Shares on the ASX is $0.01 or higher within 3 years from the dateof issue, provided the holder does not resign from the Board before vesting	15,500,000
Class C Performance Rights on issue vesting 12 months after the date that the 10day VWAP for Shares on the ASX is $0.015 or higher within 3 years from the dateof issue, provided the holder does not resign from the Board before vesting	15,500,000
Class D Performance Rights on issue vesting 12 months after the date that the 10day VWAP for Shares on the ASX is $0.02 or higher within 3 years from the dateof issue, provided the holder does not resign from the Board before vesting	15,500,000

Clancy Exploration Limited www.clancyexploration.com Suite 23, 513 Hay Street, Subiaco WA 6008 Ph: 08 6143 6720 ACN: 105 578 756