VOLTAIC STRATEGIC RESOURCES LTD — Capital/Financing Update 2021

Jan 24, 2021

Proposed issue of securities

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Announcement Summary

Entity name

EON NRG LIMITED

Announcement Type

New announcement

Date of this announcement

Monday January 25, 2021

The Proposed issue is:

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A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

		Maximum Number of
ASX +security code	+Security description	+securities to be issued
n/a	Option - strike price $0.0015 per share with a term of 3 years	100,000,000
	from the date of issue
E2E	ORDINARY FULLY PAID	200,000,000
Proposed +issue date
Wednesday March 31, 2021

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

EON NRG LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ACN

Registration Number

138145114

1.3 ASX issuer code

E2E

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Monday January 25, 2021

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

7A.1a Conditions

Approval/Condition	Date for determination	Is the date estimated or	** Approval
+Security holder approval	Wednesday March 31, 2021	actual?	received/condition met?
		Estimated	No

Comments

Shareholder approval to be sought in compliance with ASX LR 7.2 Exception 17 prior to issue of the underlying equity securities.

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional Yes securities in a class that is already quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

ASX +security code and description

E2E : ORDINARY FULLY PAID

Number of +securities proposed to be issued

200,000,000

Offer price details

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Are the +securities proposed to be issued being issued for a cash consideration? Yes

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.00100

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from ASX that the terms Will the entity be seeking quotation of the 'new' class of of the proposed +securities are appropriate and +securities on ASX? equitable under listing rule 6.1? No No

ASX +security code +Security description New class-code to be confirmed Option - strike price $0.0015 per share with a term of 3 years from the date of issue

+Security type

Options

Number of +securities proposed to be issued

100,000,000

Offer price details

Are the +securities proposed to be issued being issued for a cash consideration? No

Please describe the consideration being provided for the +securities

Free attaching options for providing convertible note capital

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Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details

+Security currency

AUD - Australian Dollar

Exercise price Expiry date AUD 0.0015 Sunday March 31, 2024

Details of the type of +security that will be issued if the option is exercised

E2E : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised 100000000

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Part 7C - Timetable

7C.1 Proposed +issue date

Wednesday March 31, 2021

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Wednesday March 31, 2021

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7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? Yes

7E.1a Who is the lead manager/broker?

Lazarus Corporate Finance Pty Ltd

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

Nil for issue of Convertible Notes or Issue of Shares on conversion of Convertible Notes

7E.2 Is the proposed issue to be underwritten?

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No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Convertible Notes are incorporated in a mandate to raise additional funds for Eon NRG Ltd subject to ASX approval of the relisting of its securities. If further capital raising proceeds, a fee of 6% of funds raised (excluding Convertible Note) plus 100,000,000 unlisted options (exercisable at $0.0015 on a date within 3 years from the date of issue) subject to shareholder approval.

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Provide working capital for the payment of outstanding employee annual leave and creditors which was a pre-condition of completing the Workout Agreement with the Company's US bank (ANB Bank)

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

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7F.2 Any other information the entity wishes to provide about the proposed issue Convertible note terms: Conversion price - $0.001 per share Conversion date - with 12 months of issue Interest rate - 10% per annum Interest is cumulative and payable on conversion of notes, payable in shares Security - unsecured Repayment of convertible notes - principal and accrued interest will not be repaid in cash but converted to shares (subject to default provisions)

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