Ann: Withdrawal of Rights Issue, page-31

From the offer booklet.

* The above dates are indicative only and may be subject to change. Subject to the Corporations Act, theListing Rules and other applicable laws, the Directors reserve the right to vary the dates of the Offer. TheDirectors reserve the right not to proceed with the whole or part of the Offer at any time prior to issue ofthe New Shares. In that event, Application Monies (without interest) will be returned in full to the Applicants.

Issues: No mention of rights, or monies traded on rights, or people that purchased shares on the day of the announcement to get their rights (essentially overpaying for shares to get the attaching rights)

Announcement Today:

Adavale Resources Limited (“Adavale” and or “Company”) (ASX:ADD) announces therecently appointed Board (refer ASX announcement dated 27 August 2020) has metto develop a strategic plan to progress the Company’s existing assets.The outcome of a strategic review of the Renounceable Rights Issue resulted in thenew Board deciding to withdraw the offer booklet and the offer of New Shares in thebest interest of the Company, its shareholders and stakeholders by cancelling theRenounceable Rights Issue announced on 7 August 2020.

Issues:

The recently appointed board... i don't see how they can make a decision to reverse decisions of the previous board, only the previous board can do that?

They are opening the company and shareholders up to legal challenges for financial loss from people that traded rights, and people that bought shares on the day of announcement, and people who didn't sell rights for that matter.

Just my thoughts..