PEARL GULL IRON LIMITED(PLG)

The suspension of trading in the securities of Pearl Gull Iron Limited will be lifted immediately following the release by PLG of an announcement regarding a capital raising.

The company releases a cleansing notice for the non-renounceable pro-rata entitlement offer to raise approximately $2 million (before costs).

The company releases a notice of proposed issue of securities.

Pearl Gull announces fully underwritten placement and entitlement issue to raise approximately $2.0 million: Two-tranche placement to raise $1.0 million via the issue of 50 million shares at $0.02 per share. The first tranche of the placement (T1) will be undertaken using the Company's existing placement capacity under ASX Listing Rule 7.1. The second tranche of the placement (T2) will be undertaken following shareholder approval at a General Meeting expected to be held in early February 2023. Entitlement offer to all shareholders on the basis of 1 new share for every 2 existing shares held on the record date at an offer price of $0.02 per share. Supportive new cornerstone investors introduced to the Company's register. Funds to be applied to progress the Company's existing asset, assess new opportunities and working capital.

The securities of Pearl Gull Iron Limited will be suspended from quotation immediately under Listing Rule 17.2, at the request of PLG, pending the release of an announcement regarding capital raising.

listed entity carried for record purposes only