RAREX LIMITED — Share Issue/Capital Change 2019

Jul 7, 2019

Notification of Consolidation/Split

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Notification of Consolidation/Split

Announcement Summary

Entity name

CLANCY EXPLORATION LIMITED

Applicable security for the reorganisation

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CLY ORDINARY FULLY PAID
CLYAD PERFORMANCE RIGHTS
CLYAE OPTION EXPIRING VARIOUS DATES EX
VARIOUS PRICES
CLYAA OPTION EXPIRING 31-MAY-2020 EX 0.4C
CLYAC OPTION EXPIRING 31-DEC-2020 EX 0.65C
CLYAB OPTION EXPIRING 30-NOV-2020 EX 0.7C
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Announcement Type

New Announcement

Date of this announcement

Monday July 8, 2019

Reorganisation type

Security consolidation

Effective Date

Tuesday August 6, 2019

Record Date

Wednesday August 7, 2019

Issue Date

Wednesday August 14, 2019

Refer to below for full details of the announcement

Announcement Details

Part 1 - Entity and announcement details

1.1 *Name of +Entity

CLANCY EXPLORATION LIMITED

Registration Number

1.2 *Registered Number Type

ABN 65105578756

1.3 *ASX issuer code

CLY

Notification of Consolidation/Split

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Notification of Consolidation/Split

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1.4 *The announcement is

New announcement

1.5 *Date of this announcement

Monday July 8, 2019

1.6 *Securities affected by the reorganisation

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CLY ORDINARY FULLY PAID
CLYAD PERFORMANCE RIGHTS
CLYAE OPTION EXPIRING VARIOUS DATES EX
VARIOUS PRICES
CLYAA OPTION EXPIRING 31-MAY-2020 EX 0.4C
CLYAC OPTION EXPIRING 31-DEC-2020 EX 0.65C
CLYAB OPTION EXPIRING 30-NOV-2020 EX 0.7C
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Part 2 - Approvals

2.1 *Are any of the below approvals required for the reorganisation before business day 0 of the timetable?

• Security holder approval Court approval

• Lodgement of court order with +ASIC ACCC approval

• FIRB approval

• Another approval/condition external to the entity required to be given/met before business day 0 of the timetable for the reorganisation.

Yes

2.2 Approvals

Approval/Condition Date for determination Is the date estimated Approval +Security holder Friday August 2, 2019 or actual? received/condition approval Actual met? [Select...] Comments**

Part 3 - Reorganisation timetable and details

3.1 *+Record date

Wednesday August 7, 2019

3.2 Date of +security holder meeting

Friday August 2, 2019

3.3 Last day for trading in the pre-re-organised +securities

Monday August 5, 2019

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3.4 *Effective date. Trading in the re-organised securities commences on a +deferred settlement basis. If the +entity's securities are suspended from trading during this period there will be no +deferred settlement trading however ASX still captures this date.

Tuesday August 6, 2019

3.5 Record date

Wednesday August 7, 2019

3.6 First day for +entity to send notices to +security holders of the change in the number of +securities they hold. First day for +entity to register +securities on a post-reorganised basis Thursday August 8, 2019

3.7 *+Issue date. +Deferred settlement market ends. Last day for +entity to send notices to +security holder of the change in the number of +securities they hold. Last day for +entity to register +securities on a post-reorganised basis Wednesday August 14, 2019

3.8 Trading starts on a normal T+2 basis

Thursday August 15, 2019

3.9 First settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis

Monday August 19, 2019

Part 4 - Reorganisation type and details

4.1 *The reorganisation is

+Security consolidation

4.1a *Consolidation ratio: the +securities will be consolidated on the basis that every

25

(pre-consolidation) +securities will be consolidated into

1

(post-consolidation) +security (/ies).

4.2 *Scrip fraction rounding

Fractions rounded up to the next whole number

Part 5 - +Securities on issue before and after reorganisation

5.1 *+Securities on issue before and after the reorganisation

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ASX +Security Code ASX +Security
CLY Description
ORDINARY FULLY
PAID
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Quoted before reorganisation reorganisation Estimated
3,504,387,675 140,175,507
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ASX +Security Code ASX +Security
CLYAD Description
PERFORMANCE
RIGHTS
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Actual
62,000,000 2,480,000
ASX +Security Code ASX +Security
CLYAE Description
OPTION EXPIRING
VARIOUS DATES EX
VARIOUS PRICES
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Actual
10,000,000 400,000
ASX +Security Code ASX +Security
CLYAA Description
OPTION EXPIRING
31-MAY-2020 EX
0.4C
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Actual
120,000,000 4,800,000
ASX +Security Code ASX +Security
CLYAC Description
OPTION EXPIRING
31-DEC-2020 EX
0.65C
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Actual
30,000,000 1,200,000
ASX +Security Code ASX +Security
CLYAB Description
OPTION EXPIRING
30-NOV-2020 EX
0.7C
Quoted/unquoted Number on issue Number on issue after Estimate/Actual
Unquoted before reorganisation reorganisation Actual
20,000,000 800,000
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5.2 *Exercise price of options

ASX +Security Code ASX +Security Description CLYAD PERFORMANCE RIGHTS

Notification of Consolidation/Split

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Notification of Consolidation/Split

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Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.00000000 0.00000000
ASX +Security Code ASX +Security Description
CLYAE OPTION EXPIRING
VARIOUS DATES EX
VARIOUS PRICES
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.00000000 0.10000000
ASX +Security Code ASX +Security Description
CLYAA OPTION EXPIRING
31-MAY-2020 EX 0.4C
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.00400000 0.10000000
ASX +Security Code ASX +Security Description
CLYAC OPTION EXPIRING
31-DEC-2020 EX 0.65C
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.00650000 0.16250000
ASX +Security Code ASX +Security Description
CLYAB OPTION EXPIRING
30-NOV-2020 EX 0.7C
Quoted/unquoted Exercise price before Exercise price after
Unquoted reorganisation reorganisation
0.00700000 0.17500000
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Part 6 - Further information

6.1 Further information relating to the reorganisation

6.2 Additional information for inclusion in the Announcement Summary

Notification of Consolidation/Split

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