BCI Minerals Limited (ASX: BCI, BCI or Company) is pleased to announce the closing, at 5:00pm (WST) on 17 December 2021, of its conditionally underwritten Share Purchase Plan (SPP) announced on 18 November 2021, under which eligible shareholders could apply for up to $30,000 of fully paid ordinary shares (New Shares).

The Company advises that it has received valid applications under the SPP for subscriptions in excess of A$20.64 million (before costs). The proceeds of the SPP will be applied to construction and ramp up activities at the Company's Mardie Salt & Potash Project.

The SPP complements the Company's recently announced underwritten Placement of approximately 558.1 million shares to institutional and sophisticated investors at a price of A$0.43 per share to raise approximately A$240 million (before costs) launched 18 November 2021 (Placement). The Placement (and the underwriting) received shareholder approval at an extraordinary general meeting held on 20 December 2021. As set out in the SPP Booklet released to the ASX on 26 November 2021, the Company was seeking to raise up to A$20 million (with the ability to accept oversubscriptions).

Given the strong support shown by eligible shareholders for the SPP, the Company's Directors have exercised their discretion under the terms of the SPP to accept an additional A$640,390 in applications.

Approximately 48 million New Shares will be issued under the SPP.

Pursuant to the SPP timetable, the New Shares are expected to be allotted on 24 December 2021 and trading of the New Shares is expected to commence on 29 December 2021. Holding statements will be dispatched to applicants on or around 29 December 2021. The New Shares issued under the SPP will rank equally with existing Company shares and will carry the same voting rights and entitlements to receive distributions.

This ASX announcement has been authorised for release by the Board of BCI Minerals Limited.

Contact:

Rebecca Thompson

Tel: +61 416 079 329

Email: rebecca.thompson@bciminerals.com.au

(C) 2021 Electronic News Publishing, source ENP Newswire