Appendix 3B‌‌‌‌

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

New issue announcement, application for quotation of additional securities‌‌ and agreement‌

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96 Origin: Appendix 5 Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12, 04/03/13

Name of entity

Boart Longyear Limited (Boart Longyear)

ABN

49 123 052 728

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1

+Class of +securities issued or to be issued

Ordinary warrants (Ordinary Warrants)

2‌

Number of +securities issued or to be issued (if known) or maximum number which may be issued

602,174,481 Ordinary Warrants

3

Principal terms of the +securities (e.g. if options, exercise price and expiry date; if partly paid

+securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

Prior to any re-domiciliation, each Ordinary Warrants entitles the holder to subscribe for one fully paid ordinary share in Boart Longyear at the Exercise Price.

The Ordinary Warrants are exercisable by the holder at any time during the Exercise Period (as defined in the Prospectus).

The Exercise Price is A$0.021 per Ordinary Warrant.

4

Do the +securities rank equally in all respects from the +issue date with an existing +class of quoted +securities?

If the additional +securities do not rank equally, please state:

  • the date from which they do

  • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

  • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

No. The Ordinary Warrants do not carry any rights to dividends or other distributions of Boart Longyear.

Shares issued on exercise of the Ordinary Warrants will rank equally with all other Shares on issue.

5

Issue price or consideration

Nil cash consideration for the issue of the Ordinary Warrants.

6

Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

The Warrants Issue forms part of Boart Longyear's previously announced recapitalisation proposal. No funds will be raised from the issue of the Ordinary Warrants.

6a

Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

Not applicable.

6b

The date the security holder resolution under rule 7.1A was passed

Not applicable.

6c

Number of +securities issued without security holder approval under rule 7.1

Not applicable.

6d

Number of +securities issued with security holder approval under rule 7.1A

Not applicable.

Not applicable.

6e Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

Not applicable.

6f Number of +securities issued under an exception in rule 7.2

Not applicable.

6g If +securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3? Include the

+issue date and both values.

Include the source of the VWAP calculation.

Not applicable.

6h If +securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements

Not applicable.

6i Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

13 September 2017

7 +Issue dates

Note: The issue date may be prescribed by ASX (refer to the definition of issue date in rule 19.12). For example, the issue date for a pro rata entitlement issue must comply with the applicable timetable in Appendix 7A.

Cross reference: item 33 of Appendix 3B.

Number

+Class

24,604,025,373

602,174,481

Fully paid ordinary shares

Ordinary Warrants

8 Number and +class of all

+securities quoted on ASX (including the +securities in section 2 if applicable)

Number

+Class

3,517,285

324,204

3,034,753

3,034,753

3,034,752

36,938,405

Options expiring 15 March 2024

Options expiring 1 April 2024

Options expiring 19 May 2024

Options expiring 1 April 2025

Options expiring 1 April 2026

Options expiring 26 May 2025

49,884,152

TOTAL OPTIONS

1,294,771,708

Class A 7% Warrants

663,985,484

Class B 7% Warrants

  1. Number and +class of all

    +securities not quoted on ASX (including the +securities in section 2 if applicable)

    There has been no change to Boart Longyear's dividend policy.

  2. Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

Part 2 - Pro rata issue

11

Is security holder approval required?

Yes - approved by shareholders at the 2017 AGM.

12

Is the issue renounceable or non- renounceable?

Not applicable.

13

Ratio in which the +securities will be offered

1.3841 Ordinary Warrants for every Share

14

+Class of +securities to which the offer relates

Not applicable.

15

+Record date to determine entitlements

30 August 2017.

16

Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?

Not applicable.

Boart Longyear Limited published this content on 13 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 September 2017 02:44:07 UTC.

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