Indiana Resources : Share placement completed

13/03/2019

Placement of 3 million shares at $0.05 per share

Indiana Resources Limited (ASX: IDA)('Indiana' or the 'Company') announces that, as set out in the Cleansing prospectus of 13 March 2019, it has received subscriptions to purchase 3,000,000 fully paid ordinary shares at $0.05 cents per share to raise $150,000, through a placement to professional investors (the 'Placement'). In conjunction with the placement announced on 14 February 2019, the Company has now raised $500,000.

Proceeds from the Placement will be used to support the commencement of exploration activities in Mali, complete due diligence on a proposed joint venture over gold exploration licences located in close proximity to the Company's existing tenements (see ASX announcement 8 February 2019) and for working capital.

The Placement was made using the Company's existing share issuance capacity under ASX Listing Rule 7.1. The Placement price of $0.05 per share is at a premium to the last trading price of $0.041 (being the closing price on Tuesday, 12 March 2019). Other than regulatory fees, and legal fees associated with preparation of the Cleansing Prospectus, no costs were incurred by the Company in connection with the Placement.

A further 100 Shares were issued at $0.05 per Share pursuant to the Offer described in the Cleansing Prospectus of 13 March 2019 and 307,969 Shares were issued in connection with the exercise of Unquoted Options.

An Appendix 3B follows.

Amendment to Loan Agreement

On 31 October 2018, the Company announced that it had entered into a loan agreement with Michael George Fotios and associated entities ('Lender') under which $1,000,000 was available for the Company to drawdown. To date, $300,000 has been drawn ('Drawn Amount').

The Loan Agreement has been amended, such that:

• • Conversion of the Drawn Amount will occur at $0.06 per share, as announced on 8 February 2019 (the Company will call a shareholders meeting to seek approval of this conversion shortly).

• • The terms of repayment have been extended, such that any future drawdowns under the loan agreement (Additional Drawdowns) are payable within 7 days of the successful completion of a future capital raising (the terms of which have not been determined at this date) ('Capital Raising') provided that, if a Capital Raising is not completed by 30 June 2019 (or such other date as the parties agree), then repayment and/or conversion of the Additional Drawdowns will be renegotiated between the parties.

• • The Lender may convert all or some of the balance of any Additional Drawdowns to shares at an issue price of $0.05, or such other price as agreed between the parties, acting reasonably, and having regard to the most recent issue prices of any placements for cash undertaken by the Company (with any proposed conversion subject to shareholder approval).

• • If shareholder approval is not obtained in relation to the conversion of either the Drawn Amount or any Additional Drawdowns, the Company must repay the Drawn Amount or Additional Drawdowns

(as applicable), plus accrued interest at 8% per annum, to the Lenders within 30 days of the relevant shareholders meeting (or such other date as the parties agree, acting reasonably).

Change of company secretary

The Company advises that James Moran has been appointed as company secretary and will replace Stuart McKenzie, effective immediately.

-ENDS-

For further information, please contact:

Bronwyn Barnes

Chairman

T: [phone]

To find out more, please visitwww.indianaresources.com.au.

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