Greenvale Energy : Completion of Entitlement Offer

ASX Release

28 July 2020

ENTITLEMENT OFFER COMPLETED AND FULLY ALLOCATED

Greenvale Energy Limited (ASX: GRV or the Company) is pleased to announce that allotment took place today in relation to the Company's fully underwritten, pro-rata non-renounceableentitlement offer (Entitlement Offer) of one (1) fully paid ordinary share in the Company (New Share) for every one (1) existing share held by Eligible Shareholders on the Record Date (7.00pm (AEST) on 7 July 2020) at an issue price of A$0.019 per New Share, pursuant to the Prospectus dated 29 June 2020 (Prospectus).

The Entitlement Offer closed fully allocated, with:

• 40,790,104 New Shares or 36.15% allocated to Eligible Shareholders pursuant to their Entitlement;
• 2,971,726 New Shares or 2.63% allocated to Eligible Shareholders who have subscribed for New Shares in excess of their Entitlement (Shortfall Shares) pursuant to the Shortfall Facility; and
• 69,070,072 New Shares or 61.22% allocated to the Underwriter.

The Board advises that for those Eligible Shareholders who had subscribed for New Shares in excess of their Entitlement, in accordance with the Board's discretion to scale back applications for Shortfall Shares as outlined in the Prospectus, the Company has allotted 25% of the total number of Shortfall Shares that had been applied for. A refund for the subscription moneys received for the other 75% will be made as soon as possible.

The holding statements and refund cheques will be despatched on the 29 July 2020, and the anticipated trading of the New Shares to commence on the ASX on the 31 July 2020.

Details of the New Shares that have been issued to the Sub-underwriters under the Entitlement Offer is set out in Appendix 1.

The Board takes this opportunity to thank all of those shareholders who participated in the Entitlement Offer and for their support for the Company.

Board approval

This announcement has been approved by the Board of the Company.

REGISTERED OFFICE

T [phone] | A Suite 6, Level 5, 189 Kent Street, SYDNEY, NSW 2000 | P PO Box 2733, Sydney, NSW, Australia, 2001 | E [e-mail]

Contact details

For further information, please contact:

Vince Fayad

Director and Company Secretary

Ph: 0414 752 804

Email: [e-mail]

REGISTERED OFFICE

T [phone] | A Suite 6, Level 5, 189 Kent Street, SYDNEY, NSW 2000 | P PO Box 2733, Sydney, NSW, Australia, 2001 | E [e-mail]

						Appendix 1
			Sub Underwriters and their shareholdings
Name of entity		Number of	Number of New	Total	Total %
			existing	Shares allotted		Shareholding in
			shares held	under the		the Company
			in the	Entitlement Offer
			Company
Biddle	Partners	Pty	2,368,012	21,567,899	23,935,911	10.43%
Ltd
Julida Pty Limited***	-	475,000	475,000	0.21%
David Stern***		-	2,150,000	2,150,000	0.94%
Anna Leibowitz***		-	3,150,000	3,150,000	1.37%
Teragoal Pty Ltd ***	-	1,315,789	1,315,789	0.57%
Kalonda Pty Ltd		1,360,000	13,666,249	15,026,249	6.55%
Onmell	Super	Pty	-	1,315,789	1,315,789	0.57%
Ltd***
Font SF Pty Ltd*		6,337,822	4,662,1781	11,000,000	4.79%
Gun Capital		21,429,346	21,429,346	42,858,692	18.67%
Management Pty
Ltd/Mining
Investments
Limited**

*Font SF Pty Ltd is an associated of Mr Julian Gosse, a Non Executive Director of the Company.

• Gun Capital Management Pty Ltd and Mining Investments Limited are an associate of the Non-Executive Chairman.
• These entities were nominated by either Kalonda Pty Ltd or Biddle Partners Pty Ltd.

• This includes 662,178 New Shares taken up under the Entitlement Offer.

REGISTERED OFFICE

T [phone] | A Suite 6, Level 5, 189 Kent Street, SYDNEY, NSW 2000 | P PO Box 2733, Sydney, NSW, Australia, 2001 | E [e-mail]