AFRICAN DAWN CAPITAL LIMITED - General Issue of Shares for Cash

General Issue of Shares for Cash

AFRICAN DAWN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/020520/06)
Share code: ADW
ISIN Code: ZAE000223194
(“Afdawn” or “the Company”)

GENERAL ISSUE OF SHARES FOR CASH

At the annual general meeting of Afdawn shareholders held on Wednesday,
24 August 2022, the requisite majority of shareholders approved ordinary resolution number
7 authorising the directors of the Company to issue up to 12 729 383 ordinary shares (being
20% of the issued share capital of Afdawn) for cash in accordance with paragraph 5.52 of
the JSE Listings Requirements (“General Authority”).

Shareholders are hereby advised, in accordance with paragraph 11.22 of the JSE Listings
Requirements, that on Thursday, 20 October 2022, pursuant to a private placement, Afdawn
issued 6 364 692 new ordinary shares (“New Shares”) to public shareholders who are not
related parties, at an issue price of 30 cents per share (“Issue Price”), which issue
represents 10.0% of the issued share capital of the Company on the date the General
Authority was approved by shareholders.

The Issue Price reflects a premium of 66.97% to the 30-day volume weighted average price
prior to 15 September 2022, being the date on which the Issue Price was agreed.

The proceeds of the private placement and issue of the New Shares will be applied towards
the working capital requirements of the Company.

The New Shares issued rank pari passu with existing listed Afdawn ordinary shares.
Following the issue of the New Shares, the total issued and listed share capital of Afdawn
will increase to 70 011 608 ordinary shares.

Johannesburg
20 October 2022

Designated Adviser
PSG Capital

Date: 20-10-2022 10:05:00
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