Ann: Accelerate Receive Firm Commitments for $3.1m, page-2

Accelerate Receive Firm Commitments for $3.1m

Well-Funded to Accelerate its Exploration Programs
Highlights

• Firm commitments received for its $3.1 million Placement
• Fully funded to advance its Critical Metals strategy through exploration of the

Braeside West Project and Ripon Hills East Manganese Projects
Accelerate Resources Limited (“Accelerate” or the “Company”) is pleased to announce that it
has received firm commitments to raise $3.1 million (before costs) through a placement of
shares to a range of sophisticated and professional investors (“Placement”), including
participation by Accelerate’s Board of Directors.

Demand for the Placement significantly exceeded shares available.
Funds raised from the capital raising, together with the Company’s existing cash reserves, will
be used for due diligence exploration drilling and exploration activities on the Braeside West
Project and Ripon Hills East Manganese Projects, exploration activities on the Comet Gold
Project and for working capital purposes (including costs of the Placement).

Commenting on the success of the capital raising, Accelerate’s Managing Director, Yaxi Zhan,
said:
“We are delighted to have received such strong support for this capital raising and we would
like to take this opportunity to welcome those new investors to our register and thank those
existing shareholders who participated in the placement for their ongoing support.
This is an exciting period for the company as we transition to our critical metals focus and
commence exploration activities on our East Pilbara manganese projects. We look forward to
keeping shareholders up to date with the progress of the well.”


Details of the Raise

The Placement comprises an issue of 86,111,111 fully paid ordinary shares (“Shares”) in the
Company at an issue price of 3.6 cents and will be settled in two tranches, as follows:
• a total of up to 38,899,440 Shares (“Tranche 1 Shares”) will be issued utilising the
Company's existing placement capacity (23,239,669 under ASX Listing Rule 7.1 and
15,659,771 under ASX Listing Rule 7.1A), to raise approximately $1.4 million (before
costs); and
• a total of up to 47,211,671 Shares to raise approximately $1.7 million (before costs),
which will be issued subject to shareholder approval at the 2021 Annual General
Meeting to be held on 8 November 2021.
Issue of Tranche 1 Shares is anticipated to occur on Monday, 20 September 2021, but notes
that the issue date is subject to change.
A total fee of $167,000 will be paid to brokers who supported the Placement.
Financial Commitments by the Board
Included in the raise of $3.1m is the firm commitments from Accelerate’s Board of Directors for
$60,000. The issue of up to 1,666,667 Shares is included is included in Tranche 2 Shares and
subject to shareholder approval at the 2021 Annual General Meeting