Ann: $4.4M Raised in Strongly Supported Placement, page-128

Just sent:

Capital raising and shareholder approval of second tranche share placement.

Hi Stephen

Congratulations on joining Pure Minerals and on your appointment to CEO. I have enjoyed the couple of interviews you have given which I have watched.

I am however, disappointed, that there was no Share Purchase Plan (SPP) for retail shareholders announced along with the recently announced first tranche capital raising and the proposed second tranche share placement. The current ASX emergency (COVID-19) provisions for capital raising are designed to allow companies to efficiently raise capital while also catering to the interests of smaller shareholders through an accompanying SPP offer to mitigate ownership dilution of smaller holders.

My position is that the capital raising excessively dilutes shareholders which were not able to participate. While I completely understand the benefits of raising capital to progress our exciting project, given the lack of an accompanying SPP for retail holders, I don't believe the Board of Directors has acted equitably and in the best interest of all shareholders.

I will therefore casting all ourv votes AGAINST approval of the second tranche share placement, in the absence of there being a SPP for retail holders at the same offer price as the capital raising. I am also encouraging other shareholders to vote AGAINST the second tranche placement.