Marquee Enters Binding Agreement To Sell 30% Interest In The Werner Lake Cobalt Project To High-Tech Metals Limited

• Marquee to sell Werner Lake Cobalt Project to High-Tech Metals Limited.
• Priority Offer of up to $3M available to Marquee Resources Shareholders.
• Prospectus for High-Tech Metals Limited lodged.

$0.25 each and expiring three years from the HTM’s admission to the official list of the ASX.

Charles Thomas, Executive Chairman of Marquee comments:

“This agreement with HTM allows us to monetise a non-core asset of which we had a minority holding in and were unable to advance in its current structure. The Werner Lake transaction with High-Tech allows the Project to move forward whilst MQR maintains exposure to any upside that may be unlocked without the associated costs and risks. We look forward to becoming a shareholder of High-Tech and participating in the potential exploration success of the Project through the public entity upon its listing on the ASX. The deal has been structured to allow our shareholders a priority offer to further participate in HTM should they so wish to do so.”

Sonu Cheema, Managing Director of High-Tech commented:

“The world needs more high-quality cobalt mines and High-Tech is committed to begin work to realise the potential of Werner Lake in a sustainable and responsible manner to ensure strong outcomes for all stakeholders. High-Tech is currently on the path to IPO with Werner Lake as our first Project focused on EV metals in tier-1 jurisdictions, with the aim to list by the end of 2022.”

HTM lodged its Initial Public Offer prospectus with the Australian Securities & Investments Commission on 31 October 2022 (Prospectus). The Prospectus contains an offer of 22,500,000 Shares at an issue price of $0.20 per Share to raise $4,500,000 (HTM Offer). Oversubscriptions may be accepted for up to a further 5,000,000 Shares at an issue price of $0.20 per Share to raise up to a further $1,000,000. Westar Capital Limited is acting as Lead Manager of the HTM Offer.

The Offer includes a priority offer to shareholders of Marquee in Australia that held shares in Marquee at 5:00PM (AWST) on 1 November 2022 (Record Date) (Eligible Shareholders) of up to 15,000,000 Shares (MQR Offer).

Under the MQR Offer, Eligible Shareholders will have priority in respect of the first $3,000,000 (15,000,000 Shares) to be raised under the HTM Offer. The allocation of Shares under the Priority Offer will be subject to a minimum investment of $2,000 and will be made pro rata to Eligible Shareholders’ shareholdings in Marquee on the Record Date and thereafter at the discretion of HTM. If HTM receives applications from Eligible Shareholders for more than 25,000,000 Shares, HTM intends to treat such additional applications under the Priority Offer as being made under the Public Offer.

Mr Charles Thomas will represent Marquee Resources Interests as non-executive chairman and Mr Mitchell Smith will represent GEMC’s interests as a non-executive director on the HTM board.

The sale is conditional on many things including HTM raising a minimum of $4.5m under the Prospectus.

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