THORNEY TECHNOLOGIES LTD — Capital/Financing Update 2020

Dec 13, 2020

ASX Code: TEK

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ASX Announcement: 14 December 2020

TEK SUCCESSFULLY COMPLETES ENTITLEMENT OFFER SHORTFALL PLACEMENT

Further to the announcements dated 9 November 2020, 16 November 2020 and 3 December 2020, Thorney Technologies Ltd (ASX: TEK) (“ TEK ”) is pleased to announce that is has today issued New Shares pursuant to the shortfall placement to institutional, sophisticated and professional investors of approximately $3.0 million. This successfully completes the $10.0 million non-renounceable entitlement offer to eligible shareholders at $0.35 per share (“ Entitlement Offer ”) and follows the completion of TEK’s $13.0 million tranche 1 placement to institutional, sophisticated and professional investors on 13 November 2020 (“ Tranche 1 Placement ”).

New shares subscribed for under the Entitlement Offer (“ New Shares ”) Shortfall Placement are expected to be allotted on Monday, 14 December 2020 and commence trading from Tuesday, 15 December 2020, with holding statements despatched on the same day.

The proceeds of the Entitlement Offer 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 Entitlement Offer.

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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/