CL Fitch Pty Ltd Acquires Securities of Class 1 Nickel & Technologies Limited

2022-07-19 11:07:30

NOT FOR DISTRIBUTION OR DISSEMINATION INTO THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

TORONTO, July 19, 2022 (GLOBE NEWSWIRE) — CL Fitch Pty Ltd ATF Caelan Fitch Family Trust (the “Acquirer”) announces that it has acquired ownership and control of an aggregate of 4,000,000 common shares (the “Subject Shares”) of Class 1 Nickel & Technologies Limited (the “Company” or “Class 1”), effective July 19, 2022 (the “Acquisition”).

The Subject Shares were issued pursuant to a private placement by the Company and represented approximately 3.1% of all issued and outstanding common shares of the Company (“Shares”) as of July 19, 2022, resulting in a corresponding change to the aggregate percentage ownership of the Company by the Acquirer. Immediately before the Acquisition, the Acquirer and its joint actors held an aggregate of 47,071,330 Shares and convertible securities to acquire an additional 5,982,751 Shares (the “Convertible Securities”), representing approximately 36.5% of the issued and outstanding Shares (or approximately 39.3% on a partially diluted basis, assuming conversion of such Convertible Securities only), of which the Acquirer held 26,986,014 Shares representing approximately 20.9% of the issued and outstanding Shares, and its joint actors held 20,085,316 Shares and the Convertible Securities, representing approximately 15.6% of the issued and outstanding Shares (or approximately 19.3% on a partially diluted basis, assuming conversion of such Convertible Securities only). Immediately following the Acquisition, the Acquirer and its joint actors held 51,071,330 Shares (inclusive of the Subject Shares) and the Convertible Securities to acquire an additional 5,982,751 Shares, representing approximately 38.5% of the issued and outstanding Shares at July 19, 2022 (or approximately 41.1% on a partially diluted basis, assuming conversion of such Convertible Securities only), of which the Acquirer held 30,986,014 Shares representing approximately 23.3% of the issued and outstanding Shares, and its joint actors held 20,085,316 Shares and the Convertible Securities, representing approximately 15.1% of the issued and outstanding Shares (or approximately 18.8% on a partially diluted basis, assuming conversion of such Convertible Securities only).

The Subject Shares were acquired at a price of $0.25 per Subject Share (or $1,000,000 in the aggregate). The Subject Shares were acquired from the Company directly and not through the facilities of any stock exchange. The holdings of securities of the Company by the Acquirer are managed for investment purposes, and the Acquirer and/or its joint actors could increase or decrease their respective investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor.

Additional Information

A copy of the applicable securities report filed in connection with the matters set forth above may be obtained by contacting: David Fitch, 1A Yacht Street, Southport, QLD 4215 Australia, Tel: 0400 631 608.


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