The Board of Laneway Resources Limited (ASX: LNY - Laneway or the Company) is pleased to announce a financing program to raise $15 million comprising a share placement, conditional share placement and an intended issue of convertible notes and to also provide an update on the continuing substantial progress towards commencement of gold production.

Financing Program

The Company has put in place a financing program to complete the acquisition of the Georgetown Gold Project and to fund the commencement of gold production consisting of: A placement of ordinary shares to raise $1.18 million utilising the Company's existing listing rule 7.1 placement capacity (Placement); A proposed placement to raise up to a further $1.32 million, subject to receipt of shareholder approvals (Conditional Placement) and A proposed issue of Convertible Notes to raise approximately $12.5 million (Convertible Note Issue).

Placement and Conditional Placement

The Placement has been made to a small number of institutional, sophisticated and professional investors, raising $1.18m through the issue of 236 million ordinary fully paid shares at an issue price of 0.5 cents per share. This Placement will be made under the Company's existing ASX listing rule 7.1 placement capacity and the Company has received the funds for the Placement. The Conditional Placement is proposed to raise $1.32m through the issue of 264 million ordinary fully paid shares at an issue price of 0.5 cents and will be subject to receipt of shareholder approval. For every two (2) New Shares issued to a holder as part of the Placement and Conditional Placement, the holder will also receive one (1) attaching option exercisable at 0.8 cents and expiring 28 February 2023 (New Option). The proposed terms of issue of the New Options are attached as Annexure A. The New Options for participants in the Placement and Conditional Placement will be issued subject to Laneway shareholder approval, at an Extraordinary General Meeting to be convened shortly

A Notice of General Meeting and Explanatory Memorandum containing further details for the proposed name change and share consolidation and the proposed timetable will be lodged with ASX and despatched to shareholders this week. Any shareholder approvals required in relation to the convertible note issue (including the issue to director related entities and conversion rights) will be obtained either at a separate EGM or at the Company's 2022 Annual General Meeting.

Contact:

Stephen Bizzell

Tel: (07) 3108 3500

Email: admin@lanewayresources.com.au

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