Ann: Appendix 2A and s708A Notice, page-32

Good Morning all,

The following chart is from Talga Resouces, they raised $10mil through Canaccord Genuity in August 2020.



Looking at Talga's T20 shareholder list that was in their annual report 2020 (released 1 month later), it does not appear they attracted any new large shareholders. I get the impression they were more short-term investors, based on the weekly volume traded, it took around 1 month of sideways action to cycle through the new shares issued.

EcoGraf's announcement claims "Firm commitments received to raise A$54.6 million, with cornerstone investments from North American, German and Australian institutional investors." I would assume a cornerstone investment would warrant at least a 5% investment in EcoGraf (substantial shareholder status = 22.75mil shares each), If we do see 3 cornerstone investors, this will be around 68mil shares out of the 91mil that was issued on Friday, leaving around 23mil shares for the short term 708 investors, Hopefully early next week we will see confirmation of the cornerstone investments (2-3 becoming a substantial shareholder notice), which will help with determining how long we might be trading at 60+c to cycle through these other short term traders who took part in the offer. With 20mil shares traded on Friday, I would hope that we have already removed the majority of these investors.

@unicrumba Next time you are talking to Andrew, could you please ask for the updated T20 shareholder list to be included in the HYR?
I think it is important for all shareholders to see the movements of the registry after the company successfully raised $54.6mil.