Super Pit ... Super Smart ???, page-29

　Underwritten6equityraising of A$796 millionconsisting of an institutional placement of A$369 million(the "Placement") and a 1 for 5.75 pro-rata accelerated non-renounceable entitlement offer of A$427 million (the "Entitlement Offer") (collectively the "Offer")‒Offer price of A$2.95/sh, representing a 10.1% discount to Theoretical Ex-Rights Price ("TERP")7and a 13.0% discount to Saracen’s last close of A$3.39 as at 15 November 2019