New Century Resources : Issue of Unquoted Options

ASX: NCZ

4 December 2020

Issue of Unquoted Options

New Century Resources Limited (NCZ or Company) advises that pursuant to the Proposed Issue of Securities lodged with ASX on 4 December 2020, the Company has issued the following unquoted options:

• 10,000,000 unquoted options exercisable at $0.25 each and expiring on 4 December 2023

There is no consideration payable and the options were issued under the Company's capacity under Listing Rule 7.1. A summary of the terms of the options are set out in Schedule 1.

This announcement was authorised for release by the Managing Director.

For further information, please contact:
New Century Resources	Media enquiries
Patrick Walta	Shane Goodwin
Managing Director	Head of Corporate Affairs
P: [phone]	P: [phone]
E: [e-mail]	E: [e-mail]

Melbourne Office
Level 4, 360 Collins Street, Melbourne VIC 3000
Phone	[phone]
Email	[e-mail]
Website	www.newcenturyresources.com	1 / 3

Schedule 1 - Terms of Options

1. (Entitlement): Each Option entitles the holder to subscribe for one fully paid ordinary share (Share) upon exercise of the Option.
2. (Issue Price): The Options will be issued for nil consideration.
3. (Exercise Price): The Options have an exercise price of $0.25 each.
4. (Expiry Date): Each Option will expire at 5:00pm (WST) on the date that is 3 years from the date of issue of the Options being 4 December 2023. An Option not exercised before the Expiry Date will automatically lapse on the Expiry Date.
5. (Exercise Period): The Options are exercisable at any such time on or prior to the Expiry Date.
6. (Quotation of the Options): The Options will be unquoted.
7. (Transferability of the Options): The Options are not transferable, except with the prior written approval of the Company.
8. (Notice of Exercise): The Options may be exercised by notice in writing to the Company in the manner specified on the Option certificate (Notice of Exercise) and payment of the Exercise Price for each Option being exercised in Australian currency by electronic funds transfer or other means of payment acceptable to the Company.
9. (Shares issued on exercise): Shares issued on exercise of the Options rank equally with the then Shares of the Company.
10. (Quotation of Shares on exercise): Application will be made by the Company to ASX, on the business day the Shares are issued, for quotation of the Shares issued upon the exercise of the Options.
11. (Timing of issue of Shares): Within 15 business days after the later of the following:
12. 1. receipt of a Notice of Exercise given in accordance with these terms and conditions and payment of the Exercise Price for each Option being exercised; and
    2. when excluded information in respect to the Company (as defined in section 708A(7) of the Corporations Act) (if any) ceases to be excluded information,

the Company will:

1. issue the Shares pursuant to the exercise of the Options;
2. give ASX a notice that complies with section 708A(5)(e) of the Corporations Act; and
3. apply for official quotation on ASX of Shares issued pursuant to the exercise of the Options.

Melbourne Office
Level 4, 360 Collins Street, Melbourne VIC 3000
Phone	[phone]
Email	[e-mail]
Website	www.newcenturyresources.com	2 / 3

1. (Participation in new issues): There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options. However, the Company will ensure that for the purposes of determining entitlements to any such issue, the record date will be at least 3 business days after the issue is announced. This will give the holders of Options the opportunity to exercise their Options prior to the date for determining entitlements to participate in any such issue.
2. (Adjustment for bonus issues of Shares): If the Company makes a bonus issue of Shares or other securities to existing Shareholders (other than an issue in lieu or in satisfaction of dividends or by way of dividend reinvestment):
3. 1. the number of Shares which must be issued on the exercise of an Option will be increased by the number of Shares which the Option holder would have received if the Option holder had exercised the Option before the record date for the bonus issue; and
   2. no change will be made to the Exercise Price.
4. (Adjustment for entitlements issue): If the Company makes an issue of Shares pro rata to existing Shareholders (other than as a bonus issue, to which paragraph 15 will apply) there will be no adjustment of the Exercise Price of an Option or the number of Shares over which the Options are exercisable.
5. (Adjustments for reorganisation): If there is any reorganisation of the issued share capital of the Company, the rights of the Option holders will be varied in accordance with the Listing Rules.

Melbourne Office
Level 4, 360 Collins Street, Melbourne VIC 3000
Phone	[phone]
Email	[e-mail]
Website	www.newcenturyresources.com	3 / 3