Ann: Corporate Activities Update, page-2

Blina Minerals NL (ASX: BDI) (Blina Minerals or the Company) is pleased to
provide shareholders with an update on the activities and future direction of
the Company as it relates to the Company being successfully recapitalised
and reinstated to Official Quotation on the ASX.
As shareholders are aware, on 18 March 2020, the Company was suspended
from Official Quotation pursuant to ASX Listing Rule 12.2 which relates to
the financial condition of the Company. Since that date, the Company has
been actively engaged in discussions with the ASX regarding this matter and
has also been in discussions with various parties in relation to recapitalising
the Company thereby improving the financial position and strengthening the
balance sheet of the Company. Successful completion of its proposed
recapitalisation plan should, subject to confirmation from ASX, enable the
Company to be reinstated to Official Quotation.
As a result of these discussions, the Company prepared a submission which
has been lodged with the ASX which sets out the mechanism by which the
Company will be recapitalised, the planned exploration activities of the
Company as it relates to the current Barkly Copper Gold Project located in
the Northern Territory as well as the future direction as the Company seeks
to expand its exploration portfolio and secure a dominant position in the
Tennant Creek area.
Coincident with the lodgement of the submission with the ASX, the Company
has also prepared its audited Annual Report for the full year ended 30 June
2020 which has been separately lodged with the ASX.
The Company has also been working with its key stakeholders and, as such,
has implemented an effective communication policy to ensure that
shareholders and other investors have transparency over the strategy of the
Company.
To provide the Company with more certainty relating to the proposed
recapitalisation, the Company has also entered into an Underwriting
Agreement with Westar Capital Limited (Westar) pursuant to which Westar
will fully underwrite a capital raising of A$2.15 million via the issue of fully
paid ordinary shares and a further A$187,500 via the issue of options. As part
of the Underwriting Agreement, the Company is required to pay Westar a fee
equal to 6% plus GST of the gross proceeds raised.
The Underwriting Agreement is subject to the standard terms and conditions
which are usual for a transaction of this nature, including termination
clauses, as well as the following additional conditions:
a. no changes to the existing Board of Directors prior to the completion of
the proposed Capital Raising;
b. No material adverse change to the ownership interest of the Company’s existing assets; and
c. ASX approval to the submission for re-quotation of the Company’s securities.
The Company will advise shareholders in due course as to the outcome of its discussions with the ASX at the
appropriate time.
The Company is also actively engaged in reviewing potential project opportunities for either farm-in or direct
acquisition as the Company seeks to expand its existing footprint in the highly prospective Tennant Creek area
in the Northern Territory, Australia.
Shareholders are encouraged to contact the Company Secretary should they have any questions.
***ENDS***