BAUBA RESOURCES LIMITED - General Issue of Shares for Cash: Update and Amendments to the Agreement

General Issue of Shares for Cash: Update and Amendments to the Agreement

Bauba Resources Limited
Incorporated in the Republic of South Africa
(Registration number 1986/004649/06)
Share code: BAU   ISIN: ZAE000145686
(“Bauba” or “the Company”)


GENERAL ISSUE OF SHARES FOR CASH: UPDATE AND AMENDMENTS TO THE AGREEMENT


Shareholders are referred to the announcements released on SENS on 22 December 2020 and 15 January
2021 (using the terms defined therein unless otherwise stated) wherein it was advised that:

    -   the Company had entered into an Agreement with Pelagic Resources Proprietary Limited (“Pelagic”)
        (collectively, “the Parties”) in terms of which Pelagic will subscribe for 113,683,334 ordinary shares of
        the Company (“Subscription”); and
    -   the extension of the long-stop date for the fulfilment of the conditions precedent to the Subscription,
        respectively.

Shareholders are hereby advised that the Parties have, as at 20 January 2021, mutually agreed to amend the
terms provided for in the Agreement by way of an addendum to the agreement.

Accordingly, the salient revised terms to the Subscription are as follows. The Subscription Shares will now be
issued at a price of 31 cents per share, being a 4.13% discount to the 30-day volume-weighted average price
at the close of business on Tuesday, 19 January 2021, the date immediately preceding the signature of the
addendum to the Agreement, amounting in aggregate to R35 241 833.54. The Subscription Shares still
represents 29.99% of the issued share capital of the Company.

Additionally, the long-stop date for the fulfilment of the conditions precedent to the Subscription was further
extended to 22 January 2021.


Johannesburg
21 January 2021

Sponsor
Merchantec Capital

Date: 21-01-2021 05:25:00
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