MinRex Resources : Proposed issue of securities - MRR

Announcement Summary

Entity name

MINREX RESOURCES LIMITED

Announcement Type

New announcement

Date of this announcement 21/4/2022

The Proposed issue is:

A placement or other type of issue

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

Refer to next page for full details of the announcementPart 1 - Entity and announcement details

1.1 Name of +Entity

MINREX RESOURCES 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.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type ACN

Registration Number 151185867

1.3 ASX issuer code MRR

1.4 The announcement isNew announcement

1.5 Date of this announcement 21/4/2022

1.6 The Proposed issue is:

A placement or other type of issuePart 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis?

Yes

7A.1a Conditions

Approval/Condition +Security holder approval

Date for determination 10/6/2022

Is the date estimated or actual?

** Approval received/condition met?

Estimated

Comments

The proposed issue will be using the Company's existing placement capacity under Listing Rule 7.1 and 7.1A for 108,064,516 shares to sophisticated and professional investors. The placement shares also have an entitlement to one free attaching option for every two shares issued which will be subject to shareholder approval for a total of 54,032,258 options. In addition, 10,000,000 options will be issued to the Lead Manager (or its nominee) subject to shareholder approval.

Part 7B - Issue details

Is the proposed 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)?

Will the proposed issue of this +security include an offer of attaching +securities?

Yes

Existing class

Details of +securities proposed to be issued

ASX +security code and description MRR : ORDINARY FULLY PAID

Number of +securities proposed to be issued

108,064,516

Offer price details

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

consideration?

Yes

In what currency is the cash consideration being paid?

AUD - Australian Dollar

What is the issue price per +security?

AUD 0.06200

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 issuedISIN 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 ofof the proposed +securities are appropriate and equitable under listing rule 6.1?

No

ASX +security code

New class-code to be confirmed

+Security type Options

Number of +securities proposed to be issued 54,032,258

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 option for every two shares subscribed

+securities on ASX?

No

+Security description

Options exercisable at 10 cents each expiring 2 years from date of issue.

only

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securitiesWill all the +securities issued in this class rank equally in all respects from their issue date?

Yes

Options details

+Security currency AUD - Australian Dollar

For personal use

Exercise price AUD 0.1000

Details of the type of +security that will be issued if the option is exercised MRR : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised 54,032,258

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.

Is the proposed 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

Details of +securities proposed to be issued

Expiry dateWill the proposed issue of this +security include an offer of attaching +securities?

No

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)Have you received confirmation from Will the entity be seeking quotationASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1?

No

ASX +security code

New class-code to be confirmed

Options exercisable at 10 cents each expiring 2 years from date of issue.

+Security type

of the 'new' class of +securities on ASX?

No

+Security description

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