STREAMPLAY STUDIO LIMITED — Capital/Financing Update 2015

Nov 23, 2015

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ABN 31 004 766 376

Completion of $1.71M Capital Raising

Release Date: Tuesday 24 November 2015

Rights Issue: The Directors of Arrowhead Resources Limited (Arrowhead or the Company) are pleased to advise that the Company has raised a total of $1,714,728 (before expenses) through the successful completion of its 7 for 1 Rights Issue and by way of an additional placement today of 28,627,729 shares at A$0.01 each (details of which are set out below). The Directors would like to thank all shareholders who participated in the Rights Issue and CPS Capital Group Pty Ltd (CPS or Underwriter) who underwrote the Rights Issue and who managed the 15% share placement which raised an additional $286,277.

As set out in the table below 14,228,227 shares were applied for by shareholders and accepted by the Company (which raised $142,282) under the Rights Issue. At the discretion of the Underwriter, applications by existing shareholders for shortfall shares to the extent of 2,827,112 shares were accepted. The balance of the Rights Issue, being 125,789,748 shares to raise $1,257,897, was placed by the Underwriter under the terms of the Underwriting Agreement. The total cash raised by the Company by way of the Rights Issue was $1,428,450 (before expenses).

15% Placement: As the Underwriter received substantial interest in the shortfall, the Directors have agreed to issue to clients of CPS a further 28,627,729 shares at A$0.01 to raise $286,277 (before expenses), being the Company’s entire available 15% placement capacity.

Debt Settlement: Two debt for equity agreements had previously been reached by the Company with:

• a. Gandel Metals Pty Limited, whereby Gandel Metals Pty Ltd would be issued 18,000,000 shares in full satisfaction of an amount outstanding of $180,000 and in addition would forgive all other amounts owing, which at 30 June 2015 totalled $3,437,291; and

• b. Ventureworks JDK Pty Ltd, an entity associated with Mr John Kenny, a non-executive director of the Company, whereby Ventureworks JDK Pty Ltd would be issued 9,600,000 ordinary shares in full satisfaction of an amount outstanding of $96,000 and would forgive all other amounts owing, which at 30 June 2015 totalled $30,000.

Both these agreements were subject to (a) shareholder approval and (b) the raising of not less than $1.2 million in new equity. Both these conditions have now been satisfied in full and as a consequence these 27,600,000 shares will now be issued to these two parties.

New Capital Structure & Financial Position: As per the table below, the Company will have a total of 219,479,257 shares on issue and a cash position of approximately $1,500,000 after the costs of the issue and repayment of the short-term $100,000 loan made on 24 August 2015 by CPS. The resultant new capital structure of the Company is summarised in the table below and an Appendix 3B in relation to the above share issues will follow this ASX announcement.

	Suite 2, 28 Southside Drive	PO Box 2277	ASX: AR1
	Hillarys WA 6025 Australia	Marmion WA 6020 Australia	Deutsche Borse: GIX
	t: +61 8 6102 2609		e: info@gippslandltd.com
			w:www.gippslandltd.com

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The Company’s Chairman, Mike Rosenstreich commented that:

“It was pleasing to receive the support from both existing shareholders and CPS clients for the final phase of this restructuring process. The focus is now on identifying and securing a new project that will generate positive shareholder returns.”

New Arrowhead Capital Structure

New Arrowhead Capital Structure
Opening shares on issue	20,406,441	Post consolidation
Rights Offer shares	142,845,087	7 for 1 Rights Issue
Shares applied for under the Rights Issue	14,228,227	Refer Prospectus lodged 28 October 2015 for an underwritten 7 for 1 renounceable Rights Offer
Shortfall Applications from Existing Shareholders Accepted by the Underwriter	2,827,112	Accepted at the discretion of the Underwriter
Underwritten Shortfall shares	125,789,748	Underwritten by CPS Securities Group Pty Ltd.
Debt for Equity Settlement Shares	27,600,000	As approved by shareholders in general meeting on 29 September 2015.
15% Placement shares	28,627,729	Under the Company’s 15% Placement capacity
Total current issued shares	219,479,257

Michael Rosenstreich Chairman

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