THORNEY TECHNOLOGIES LTD — Capital/Financing Update 2020

Dec 20, 2020

ASX Code: TEK

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ASX Announcement: 21 December 2020

TEK SUCCESSFULLY COMPLETES TRANCHE 2 PLACEMENT

Further to the announcement on 9 November 2020, Thorney Technologies Ltd (ASX: TEK) (“ TEK ”) is pleased to announce completion of its tranche 2 placement to institutional, sophisticated and professional investors pursuant to which TEK has raised approximately $13.6 million (“ Tranche 2 Placement ”). This announcement follows the successful completion of TEK’s tranche 1 placement on 13 November 2020, TEK’s entitlement offer announced on 3 December 2020 and TEK’s shortfall placement announced on 14 December 2020.

New shares subscribed for under the Tranche 2 Placement (“ New Shares ”) will commence trading from Tuesday, 22 December 2020.

The proceeds of the Tranche 2 Placement will be used primarily to invest in technology-related companies across the investment life-cycle, with a continuing focus on pre-IPO opportunities. Funds will also be used to increase TEK’s working capital and pay the costs associated with conducting the Tranche 2 Placement.

Shareholder enquiries

Shareholders who have questions in relation to the Tranche 2 Placement should call Computershare by 1300 850 505 (within Australia) or +61 3 9415 4000 (outside Australia).

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Please direct enquiries to:

Craig Smith , Company Secretary E: craig.smith@thorney.com.au T: + 61 3 9921 7116 W: http://thorneyopportunities.com.au/