Ann: Altura Creditors Approve Deed of Company Arrangement, page-4

ALTURA CREDITORS APPROVE PILBARA MINERALS’ DEED OF COMPANY ARRANGEMENTPilbara Minerals Limited (“Pilbara Minerals” or the “Company”) (ASX: PLS) is pleased to advise that the creditors of Altura Lithium Operations Pty Ltd (Receivers and Managers Appointed) (Administrators Appointed) (“ALO”) approved Pilbara Minerals’ proposed Deed of Company Arrangement (“DOCA”) at the second meeting of creditors held today. As announced on 1 December 2020, following a formal receivership process, Pilbara Minerals entered into a Share Sale Agreement with Altura Mining Limited (Receivers and Managers Appointed) (Administrators Appointed) (“Altura”) and Richard Tucker and John Bumbak in their capacity as joint and several receivers and managers of Altura (“Receivers”) for the acquisition of the shares in ALO, which owns Altura’s Pilgangoora Lithium Project (“Altura Project”), for US$175 million1,2 (“Share Sale Agreement”).The completion of the Share Sale Agreement is conditional on:• effectuation of the DOCA, which is interdependent with completion of the Share Sale Agreement; and• completion of a A$240 million equity raising. Having been approved by creditors, the DOCA has been signed by Pilbara Minerals, ALO, the Receivers and Clifford Rocke and Jeremy Nipps in their capacity as administrators of ALO (Administrators) and is now effective. The DOCA will see Pilbara Minerals contributing A$6 million primarily to pay dividends to unsecured creditors including all the entitlements owing to Altura employees who were made redundant by the Receivers following the Altura Project being placed into care and maintenance, as well as the costs of the receivership and administration.Effectuation of the DOCA and completion of the Share Sale Agreement remain subject to Pilbara Minerals completing a A$240 million equity raising, which, as previously announced, will comprise:• a A$119 million placement to AustralianSuper Pty Ltd in its capacity as trustee for AustralianSuper and Resource Capital Fund VII L.P. (“Placement”); and• a A$121 million fully underwritten accelerated non-renounceable entitlement offer (“Entitlement Offer”),
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