Chatham closes private placement

NEWS RELEASE 20-05 May 5, 2020




CHATHAM ROCK PHOSPHATE LIMITED
CLOSES PRIVATE PLACEMENT

WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and
NZAX: “CRP” or the “Company") is pleased to announce, further to the Company’s news
release dated April 6, 2020, that it has closed a non-brokered private placement of 5,029,820
units (the “Units”) at a price of CAD $0.08 (NZ$0.10) per Unit for gross proceeds of
CAD$402,385.60. Each Unit consists of one (1) common share in the capital of the Company
and one (1) transferable share purchase warrant (“Warrant”).

Each whole Warrant entitles the holder thereof to acquire one common share at a price of
CAD $0.45 (NZ$0.53) per share at any time prior to the date that is five (5) years from the
date of issuance. In the event that the common shares of the Company trade on the TSX
Venture Exchange at a closing price of greater than CAD $0.60 (NZ$0.71) per common share
for a period of 20 consecutive trading days at any time after four months and one day after
the closing date of the private placement, the Company may accelerate the expiry date of the
Warrants by giving notice to the holders thereof by way of a news release and in such case
the Warrants will expire on the 30th day after the date of dissemination of the news release.

All securities issued pursuant to the private placement are subject to a hold period and may
not be traded until September 5, 2020.

For further information please contact:

Chris Castle
President and Chief Executive Officer
Chatham Rock Phosphate Limited
64 21 55 81 85 or chris@crpl.co.nz


Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the Exchange), or
New Zealand Exchange Limited has in any way passed upon the merits of the Transaction and associated
transactions, and has neither approved nor disapproved of the contents of this press release.