Cullen Resources' Rights Issue Announcement

Cullen Resources Limited (ASX: $CUL) has announced the launch of a pro-rata, non-renounceable rights issue to raise up to $1,140,346 (before costs) by issuing up to 190,057,744 new fully paid ordinary shares at 0.6c per share. The issue price represents a 25.0% discount to the company's last trading price of 0.8c on 19 July 2024. Shareholders registered in Australia or New Zealand as of 25 July 2024 may participate in the Rights Issue.

Executive Commentary on Rights Issue

The Rights Issue provides an opportunity for our shareholders to further invest in Cullen Resources and support the company's exploration and working capital needs. We are pleased to offer this opportunity at a discounted price, and we are encouraged by the participation of each of Cullen's Directors in the Rights Issue. The funds raised will primarily be used to advance exploration activities across multiple projects, including gold, base metals, Ni-Cu-PGE mineralisation, lithium, and rare earth elements. We believe this initiative will strengthen our financial position and drive our growth strategy forward.

Summary of Cullen Resources' Rights Issue

Cullen Resources Limited (ASX: $CUL) has initiated a pro-rata, non-renounceable rights issue to raise additional capital of up to $1,140,346. The Rights Issue offers existing shareholders the opportunity to purchase one new fully paid ordinary share for every three shares held at a discounted price of 0.6c per share, representing a 25.0% discount to the last trading price. Shareholders in Australia or New Zealand as of 25 July 2024 are eligible to participate. The funds raised will primarily be allocated to advance exploration activities across various projects, including gold, base metals, Ni-Cu-PGE mineralisation, lithium, and rare earth elements. The company's Directors' participation in the Rights Issue demonstrates their confidence in the company's future prospects. This strategic move is aimed at strengthening the company's financial position and supporting its growth initiatives.