Clarification of Private Placement use of proceeds

NEWS RELEASE 21-08 June 22, 2021


CHATHAM ROCK PHOSPHATE LIMITED
QUARTERLY UPDATE

WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX:
“CRP” or the “Company") wishes to provide a clarification to its shareholders and
stakeholders regarding its current non-brokered private placement of up to 6,000,000 units
(the “Units”) at a price of CAD $0.11 per Unit (NZ$0.12) for gross proceeds of up to CAD
$660,000 (NZD $720,000), originally announced March 22, 2021 (the “Placement”).

Proceeds from this Placement are not required to complete the Company’s proposed
acquisition of Avenir Makatea Pty Limited (“Avenir”), owner of the Makatea phosphate
project, which was announced on December 21, 2020 with the formal agreement
announced April 28, 2021. The acquisition of Avenir is an all-stock transaction, which has
been conditionally approved by the TSX Venture Exchange (see our news release dated May
11, 2021). Further, while the Company expects to use proceeds from this Placement to
further various aspects of the Makatea project, no funds are required to complete any
aspect of the acquisition of Avenir or to maintain the ownership of the Makatea project at
this time. The proceeds of the Placement are intended solely for CRP’s general working
capital and to progress a second application with the New Zealand Environmental
Protection Authority for Marine Consent for the Chatham Rise project.


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.