Armour Energy : 24 March 2021 - Update - Proposed issue of Securities - AJQ

Update Summary

Entity name

ARMOUR ENERGY LIMITED

Announcement Type

Update to previous announcement

Date of this announcement Wednesday March 24, 2021

Reason for update to a previous announcement Update to maximum number of securities to be issued.

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

1.1 Name of +Entity ARMOUR ENERGY 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 ABN

1.3 ASX issuer code AJQ

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement Update to maximum number of securities to be issued.

1.4b Date of previous announcement(s) to this update Thursday March 18, 2021

1.5 Date of this announcement Wednesday March 24, 2021

1.6 The Proposed issue is:

A placement or other type of issue

Registration Number 60141198414

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 +ASICACCC approval

FIRB approval

Another approval/condition external to the entityYes

7A.1a Conditions

Approval/Condition +Security holder approval

Date for determination Thursday May 20, 2021

Is the date estimated or actual?

** Approval received/condition met?

Estimated

Comments

AUD 2.7 million of Conditional Placement with attaching options are subject to shareholder approval. The Conditional Placement includes commitments to subscribe by Directors and the Company's largest shareholder DGR Global Ltd. This meeting will be held around mid-May 2021.

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 AJQ : ORDINARY FULLY PAID

Number of +securities proposed to be issued

330,383,437

Reason for the update of 'Maximum Number of +securities proposed to be issued'Offer price details

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 0.03500

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)?

Existing class

Attaching +Security - Existing class (additional +securities in a class that is already quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ASX +security code and description

AJQOA : OPTION EXPIRING 29-FEB-2024

Number of +securities proposed to be issued

82,595,885

Reason for the update of 'Maximum Number of +securities proposed to be issued'

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

Nil. For every four (4) New Shares issued under the Placement, the holder will also receive one (1) free attaching option.

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

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

Yes