Proposed issue of securities - NFL
Released
Released
Announcement PDF
Appendix 3B - Proposed issue of securities
Announcement Summary
Entity name
NORFOLK METALS LIMITED
Announcement Type
New announcement
Date of this announcement
31/3/2025
The Proposed issue is:
A placement or other type of issue
Total number of +securities proposed to be issued for a placement or other type of issue
Maximum Number of
+securities to be issued
ASX +security code
+Security description
New class-code to be
confirmed
Performance Rights
25,000,000
NFL
ORDINARY FULLY PAID
8,075,000
Proposed +issue date
19/5/2028
Refer to next page for full details of the announcement
Appendix 3B - Proposed issue of securities
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Appendix 3B - Proposed issue of securities
Part 1 - Entity and announcement details
1.1 Name of +Entity
NORFOLK METALS LIMITED
We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees
to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in
Appendix 3B of the ASX Listing Rules.
If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also
apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set
out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under
the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX
an Appendix 2A online form notifying ASX of their issue and applying for their quotation).
1.2 Registered Number Type
Registration Number
ABN
38652438385
1.3 ASX issuer code
NFL
1.4 The announcement is
New announcement
1.5 Date of this announcement
31/3/2025
1.6 The Proposed issue is:
A placement or other type of issue
Appendix 3B - Proposed issue of securities
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Appendix 3B - Proposed issue of securities
Part 7 - Details of proposed placement or other issue
Part 7A - Conditions
7A.1 Do any external approvals need to be obtained or other conditions satisfied before the placement or other
type of issue can proceed on an unconditional basis?
Yes
7A.1a Conditions
Approval/Condition
Date for determination
+Security holder approval
14/5/2025
Is the date estimated or
actual?
** Approval
received/condition met?
Estimated
Comments
Part 7B - Issue details
Is the proposed security a 'New
class' (+securities in a class that is
not yet quoted or recorded by ASX)
or an 'Existing class' (additional
securities in a class that is already
quoted or recorded by ASX)?
Existing class
Will the proposed issue of this
+security include an offer of
attaching +securities?
No
Details of +securities proposed to be issued
ASX +security code and description
NFL : ORDINARY FULLY PAID
Number of +securities proposed to be issued
8,075,000
Offer price details
Are the +securities proposed to be issued being issued for a cash
consideration?
No
Please describe the consideration being provided for the +securities
On satisfying the Stage 1 Minimum Spend, Norfolk will be deemed to have acquired the Stage 1 Interest and agreed to
acquire the Stage 2 Interest. To acquire the Stage 2 Interest, thereby acquiring 100% of the issued capital of
Transcendentia,
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Appendix 3B - Proposed issue of securities
Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities
807,500.000000
Will these +securities rank equally in all respects from their issue date with
the existing issued +securities in that class?
Yes
Is the proposed security a 'New
class' (+securities in a class that is
not yet quoted or recorded by ASX)
or an 'Existing class' (additional
securities in a class that is already
quoted or recorded by ASX)?
New class
Will the proposed issue of this
+security include an offer of
attaching +securities?
No
Details of +securities proposed to be issued
ISIN Code (if Issuer is a foreign company and +securities do not have +CDIs
issued over them)
Have you received confirmation from
ASX that the terms of the proposed
+securities are appropriate and
equitable under listing rule 6.1?
No
Will the entity be seeking quotation
of the 'new' class of +securities on
ASX?
No
ASX +security code
+Security description
New class-code to be confirmed
Performance Rights
+Security type
Performance shares/units
Number of +securities proposed to be issued
25,000,000
Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?
No
Please describe the consideration being provided for the +securities
On satisfying the Stage 1 Minimum Spend, Norfolk will be deemed to have acquired the Stage 1 Interest and agreed to
acquire the Stage 2 Interest. To acquire the Stage 2 Interest, thereby acquiring 100% of the issued capital of
Transcendentia,
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Appendix 3B - Proposed issue of securities
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Appendix 3B - Proposed issue of securities
Performance shares/units details
+Security currency
AUD - Australian Dollar
Will there be +CDIs issued over the
+securities?
No
Is it a partly paid class of +security?
No
Is it a stapled +security?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities
proposed to be issued or provide the information by separate announcement.
Refer to the ASX announcement entitled 'Norfolk to earn-into Chilean copper project with significant oxide and sulphide
resource potential'
Part 7C - Timetable
7C.1 Proposed +issue date
19/5/2028
Part 7D - Listing Rule requirements
7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1?
Yes
7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1
19/5/2028
7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue?
No
7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules?
No
7D.4 Will any of the +securities to be issued be subject to +voluntary escrow?
No
Part 7E - Fees and expenses
7E.1 Will there be a lead manager or broker to the proposed issue?
No
7E.2 Is the proposed issue to be underwritten?
No
7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue
Appendix 3B - Proposed issue of securities
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Appendix 3B - Proposed issue of securities
Part 7F - Further Information
7F.01 The purpose(s) for which the entity is issuing the securities
On satisfying the Stage 1 Minimum Spend, Norfolk will be deemed to have acquired the Stage 1 Interest and agreed to
acquire the Stage 2 Interest. To acquire the Stage 2 Interest, thereby acquiring 100% of the issued capital of
Transcendentia.
7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds?
No
7F.2 Any other information the entity wishes to provide about the proposed issue
25,000,000 performance rights on the following terms:
(i)
5,000,000 Class A Performance Rights: vesting upon Transcendentia achieving a JORC compliant resource of >
100,000 tonnes copper (the cut off grade will be established by the technical committee and Norfolk at the time the
mineral resource is reported);
(ii)
5,000,000 Class B Performance Rights: vesting upon Transcendentia achieving a JORC compliant resource >
175,000 tonnes copper (the cut off grade will be established by the technical committee and Norfolk at the time the
mineral resource is reported) and a Scoping Study (or PFS) that delivers a 20% internal rate of return;
(iii)
5,000,000 Class C Performance Rights: vesting upon a Final Investment Decision in respect of the Project; and
(iv)
10,000,000 Class D Performance Rights: vesting on commencement of commercial production at the Project.
7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with
the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of:
The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)
Appendix 3B - Proposed issue of securities
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