Leadership Change, page-13

ouch

Sundance Resources Limited ("Sundance" or "Company") is pleased to announce that it has reached
an agreement with Senrigan Master Fund, Noble Resources International Pte Ltd, D. E. Shaw
Composite Holdings International, Ltd, Wafin Limited and BSOF Master Fund L.P. (together, the
“Noteholders”) to restructure the Company's existing debt and security arrangements.
Under the new arrangements, the Noteholders have agreed to indefinitely forbear on their
Convertible Notes for the duration of the proceedings, which are currently underway against the
Governments of the Republic of the Congo and the Republic of Cameroon.
In addition, if Sundance is successful in any of these proceedings and receives an award of damages,
the Noteholders will be entitled to receive an agreed portion of any damages recovered (i) as
compensation for their forbearance of their Convertible Notes and (ii) in repayment of the
redemption amounts owing under the Convertible Notes. Essentially, the agreed portion of
damages to which the Noteholders are entitled corresponds to the amount of damages awarded to
Sundance, with Sundance's recovery increasing as the amount of damages awarded in any of the
proceedings increases.
Any amounts due to the Noteholders under the new arrangements will be paid after Burford has
recovered its entitlements as the litigation funder under the Capital Provision Agreement (as
announced by the Company on 3 May 2021).
After these payments are made to the litigation funder and the Noteholders, Sundance will be able
to use the balance of any damages awarded in the arbitration proceedings in its absolute discretion
and in the interests of all shareholders.
Commenting on behalf of the Sundance Board, Non-Executive Director Giulio Casello said:
"Sundance is pleased to have finalised these arrangements with the Noteholders, which
demonstrates their confidence in the Company's claims and their willingness to stand by
Sundance for the duration of the proceedings against the Governments of the Republic of
the Congo and Republic of Cameroon. These new arrangements give appropriate comfort to
the Noteholders while the claims are fully prosecuted with secured litigation funding from
Burford."


Really -dyor