RENERGEN LIMITED - Withdrawal of Cautionary Announcement - Completion of Successful Placement to Fund Virginia Development

Withdrawal of Cautionary Announcement - Completion of Successful Placement to Fund Virginia Development

RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
JSE Share code: REN
ISIN: ZAE000202610
Australian Business Number (ABN): 93 998 352 675
ASX Share code: RLT
(“Renergen” or “the Company”)

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT - COMPLETION OF SUCCESSFUL
PLACEMENT TO FUND VIRGINIA DEVELOPMENT

Shareholders are referred to the Company’s cautionary announcement released on SENS on
23 June 2021 and are hereby advised that emerging domestic natural gas and helium
producer Renergen is pleased to announce the successful placement of 2,453,328 CDIs at
A$1.78 per security on the Australian Securities Exchange and 3,178,459 shares at R19.10
(representing a 9.5% discount to the Renergen VWAP for the 30 days prior to the issue price
being agreed) on the Johannesburg Securities Exchange, raising a total equivalent of
approximately A$10 million through the issue of a total of 5,631,787 new shares (the
“Placement”).

The Placement was subscribed by existing and new domestic and international institutions
and sophisticated investors. As a result of this support the company accepted bids for the full
amount of available capacity in accordance with ASX listing rule 7.1.

MST Financial Services Pty Ltd was Lead Manager for the Placement.

Renergen will use majority of the funds from the Placement to accelerate exploration at the
Company’s 100% owned Virginia Gas Project, following exceptional drilling results which has
delivered helium grades as high as 12% He. Virginia currently boasts an impressive 3.4%
average concentration of helium. The Company will also use funds to progress the Feasibility
Studies for Phase 2 and replenish working capital attributed to delays from the COVID-19
enforced lockdowns in FY2021.

Commenting on the completion of the successful placement, Renergen CEO Stefano Marani
said: “We are extremely proud of the ongoing success of our exploration program at Virginia,
which has delivered world class helium grades. We are just scratching the surface of the
potential at Virginia and with a primary focus on hitting our Phase 1 and 2 milestones, we
wanted to take the opportunity to strengthen our balance sheet and accelerate exploration
and development activities at Virginia.

“Importantly, Virginia is shaping up to be a world-class project and the funds raised will allow
us to efficiently advance our busy work schedule over the coming six months, as we work
towards commencement of Phase 1 production. Of course, with Evander proving another
world class helium show, the additional 52,000 hectares of exploration rights may begin to
add an interesting dimension to this business medium term.”
Accordingly, caution is no longer required to be exercised by shareholders when dealing in
the Company’s securities.

Johannesburg
25 June 2021

Authorised by: Stefano Marani
Chief Executive Officer

For Australian Investors & Media, contact Citadel-MAGNUS
Cameron Gilenko, 0466 984 953

Designated Advisor
PSG Capital

Date: 25-06-2021 10:29:00
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