Galilee Energy : Proposed issue of securities - GLL

Proposed issue of securitiesAnnouncement Summary

Entity name

For personal use only

GALILEE ENERGY LIMITED

Announcement Type

New announcement

Date of this announcement 26/4/2022

The Proposed issue is:

A non pro rata offer of securities under a disclosure document or product disclosure statement (PDS)

Total number of +securities proposed to be issued for a non pro rata offer of securities under a disclosure document or product disclosure statement (PDS)

Maximum Number of

ASX +security code	+Security description	+securities to be issued
GLLAP	OPTION EXPIRING 04-SEP-2023 EX $0.48	4859375

Closing date for receipt of acceptances 27/5/2022

Proposed +issue date 2/6/2022

Refer to next page for full details of the announcementProposed issue of securities

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Proposed issue of securities

Part 1 - Entity and announcement details

1.1 Name of +Entity

GALILEE ENERGY LIMITED

For personal use only

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 ABN

Registration Number 11064957419

1.3 ASX issuer code GLL

1.4 The announcement isNew announcement

1.5 Date of this announcement 26/4/2022

1.6 The Proposed issue is:

A non-+pro rata offer of +securities under a +disclosure document or +PDS

Proposed issue of securities

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Proposed issue of securities

Part 5 - Details of proposed non-pro rata offer under a disclosure document or PDS

For personal use only

Part 5A - Conditions

5A.1 Do any external approvals need to be obtained or other conditions satisfied before the non-pro rata offer of +securities under a +disclosure document or + PDS can proceed on an unconditional basis?

No

Part 5B - Offer 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?

No

Existing class

Details of +securities proposed to be issued

ASX +security code and description

GLLAP : OPTION EXPIRING 04-SEP-2023 EX $0.48

The number of +securities to be offered under the +disclosure document or +PDS

4,859,375

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)?

No

Will individual security holders be required to accept the offer for a minimum number or value of +securities (i.e. a minimum acceptance condition)?

No

Will individual security holders be limited to accepting the offer for a maximum number or value of +securities (i.e. a maximum acceptance condition)?

Yes

Is the maximum acceptance unit based or dollar based?

Unit based

Proposed issue of securities

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Proposed issue of securities

Please enter the maximum acceptance value

93,750

Offer price details

Has the offer price been determined?

For personal use only

No

How and when will the offer price be determined?

There is no consideration payable for the Options. Entitlement to apply arises from participation in the SPP See Announcement 14 April 2022

Will the offer price be determined by way of a bookbuild?

No

Oversubscription & Scale back details

Will the entity be entitled to accept over-subscriptions?

No

Will a scale back be applied if the offer is over-subscribed?

No

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

Yes

Part 5C - Timetable

5C.1 Lodgement date of +disclosure document or +PDS with ASIC 26/4/2022

5C.2 Date when +disclosure document or +PDS and acceptance forms will be made available to investors

27/4/2022

5C.3 Offer open date 27/4/2022

5C.4 Closing date for receipt of acceptances 27/5/2022

5C.6 Proposed +issue date 2/6/2022

Proposed issue of securities

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Proposed issue of securities

Part 5D - Listing Rule requirements

5D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?

Yes

For personal use only

5D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 13/4/2022

5D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?

No

Part 5E - Fees and expenses

• 5E.1 Will there be a lead manager or broker to the proposed offer?

  No

• 5E.2 Is the proposed offer to be underwritten?

No

5E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission?

No

5E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 5F - Further Information

5F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

No cash will be raised by the proposed issue. The issue are the attaching options to the issued SPP shares announced 24 Feb 2022

• 5F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful?

  No

• 5F.2 Please explain the entity's allocation policy for the offer, including whether or not acceptances from existing +security holders will be given priority

Shareholders who participated in the SPP will be invited to apply for an equal number of Options to the number of Shares issued to them under the SPP

Proposed issue of securities

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