Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
24/10/2005 Appendix 3B Page 1
Freehills Perth 004051174
Rule 2.7, 3.10.3, 3.10.4, 3.10.5
Appendix 3B
New issue announcement,
application for quotation of additional securities
and agreement
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.
Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.
Name of entity
Western Metals Limited
ABN
69 009 150 618
We (the entity) give ASX the following information.
Part 1 - All issues
You must complete the relevant sections (attach sheets if there is not enough space).
1
+Class of +securities issued or to be issued
Unlisted options
2
Number of +securities issued or to be issued (if known) or maximum number which may be issued
4,000,000
3
Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)
2,000,000 unlisted options exercisable at 60 cents and 2,000,000 unlisted options exercisable at 80 cents on or before 30 April 2011
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 2 24/10/2005
Freehills Perth\004051174
4
Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
If the additional securities do not rank equally, please state:
• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
Not quoted
5
Issue price or consideration
2,000,000 unlisted options exercisable at 60 cents and 2,000,000 unlisted options exercisable at 80 cents on or before 30 April 2011
6
Purpose of the issue
(If issued as consideration for the acquisition of assets, clearly identify those assets)
Remuneration for executives
7
Dates of entering +securities into uncertificated holdings or despatch of certificates
21 June 2007
Number
+Class
8
Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable)
617,598,056
85,833,333
Ordinary Shares
Listed Options
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 3
Freehills Perth\004051174
Number
+Class
9
Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable)
50,000
50,000
50,000
5,500,000
23,000,000
4,109,588
3,000,000
3,000,000
6,000,000
6,000,000
2,000,000
2,000,000
Options exercisable at $5.00 expiring 30/11/2007
Options exercisable at $7.00 expiring 30/11/2007
Options exercisable at $9.00 expiring 30/11/2007
Options exercisable at $0.025 expiring 30/04/2011
Options exercisable at $0.05 expiring 30/04/2011
Options exercisable at $0.15 expiring 7/12/2008
Options exercisable at $0.15 expiring 30/06/2011
Options exercisable at $0.25 expiring 30/06/2011
Options exercisable at $0.30 expiring 30/06/2011
Options exercisable at $0.45 expiring 30/06/2011
Options exercisable at $0.60 expiring 30/04/2011
Options exercisable at $0.80 expiring 30/04/2011
10
Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)
Part 2 - Bonus issue or pro rata issue
11
Is security holder approval required?
12
Is the issue renounceable or non-renounceable?
13
Ratio in which the +securities will be offered
14
+Class of +securities to which the offer relates
15
+Record date to determine entitlements
16
Will holdings on different registers (or subregisters) be aggregated for calculating entitlements?
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 4 1/1/2003
Freehills Perth\004051174
17
Policy for deciding entitlements in relation to fractions
18
Names of countries in which the entity has +security holders who will not be sent new issue documents
Note: Security holders must be told how their entitlements are to be dealt with.
Cross reference: rule 7.7.
19
Closing date for receipt of acceptances or renunciations
20
Names of any underwriters
21
Amount of any underwriting fee or commission
22
Names of any brokers to the issue
23
Fee or commission payable to the broker to the issue
24
Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of +security holders
25
If the issue is contingent on +security holders’ approval, the date of the meeting
26
Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled
27
If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders
28
Date rights trading will begin (if applicable)
29
Date rights trading will end (if applicable)
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
1/1/2003 Appendix 3B Page 5
Freehills Perth\004051174
30
How do +security holders sell their entitlements in full through a broker?
31
How do +security holders sell part of their entitlements through a broker and accept for the balance?
32
How do +security holders dispose of their entitlements (except by sale through a broker)?
33
+Despatch date
Part 3 - Quotation of securities
You need only complete this section if you are applying for quotation of securities
34
Type of securities
(tick one)
(a)
Securities described in Part 1
(b)
All other securities
Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities
Entities that have ticked box 34(a)
Additional securities forming a new class of securities
Tick to indicate you are providing the information or documents
35
If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders
36
If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories
1 - 1,000
1,001 - 5,000
5,001 - 10,000
10,001 - 100,000
100,001 and over
37
A copy of any trust deed for the additional +securities
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Appendix 3B Page 6 1/1/2003
Freehills Perth\004051174
Entities that have ticked box 34(b)
38
Number of securities for which +quotation is sought
39
Class of +securities for which quotation is sought
40
Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?
If the additional securities do not rank equally, please state:
• the date from which they do
• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment
• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment
41
Reason for request for quotation now
Example: In the case of restricted securities, end of restriction period
(if issued upon conversion of another security, clearly identify that other security)
Number
+Class
42
Number and +class of all +securities quoted on ASX (including the securities in clause 38)
Appendix 3B
New issue announcement
+ See chapter 19 for defined terms.
Quotation agreement
1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the +securities on any conditions it decides.
2 We warrant the following to ASX.
• The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.
• There is no reason why those +securities should not be granted +quotation.
+• An offer of the securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.
Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty
• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.
• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.
3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.
4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.
Sign here: Date: 29/06/2007
(Director/Company secretary)
Print name: MORGAN BALL
== == == == ==
24/10/2005 Appendix 3B Page 7
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