Announcement of Capital Raise

Blackpearl | Level 1 60 Cuba Street
Wellington 6011 | New Zealand
hello@blackpearlgroup.com | +64 480 39390


6 October 2023

Announcement of Capital Raise

Black Pearl Group Limited (NZX:BPG) wishes to advise the market that it intends to
undertake a capital raise of approximately NZ$4 million to fund the growth of the
Company. An updated investor presentation is attached to this announcement.

The Board has resolved to undertake the capital raising at $0.51 per share. The capital
raise is intended to comprise of wholesale investor placements initially (Placement)
and followed by a share purchase plan (SPP) offer to existing shareholders. Non-
shareholders will be able to apply for shares under the SPP however existing
shareholders will have priority in the event the SPP is oversubscribed.

The offer price of $0.51 per share represents a 13.5% discount to the five-day volume
weighted average price of the BPG shares (being NZ$0.59 per share). The Placement will
be limited to wholesale investors in New Zealand and accredited investors based in the
United States of America. The Placement is scheduled to close on Monday, 16 October.
Shares issued under the Placement will rank equally and be of the same class as the
shares quoted on the NZX Main Board.

The SPP is intended to open on Thursday, 19 October with a record date of Wednesday
18 October. Eligible shareholders will be able to apply for NZ$5,000 of shares at an issue
price of NZ$0.51, with the ability to over or under subscribe. BPG will confirm this SPP
timetable and release a corporate action notice to the market next week.

For and on behalf of the board,
Karen Cargill
Chief Financial Officer
For further information, please contact:
karen.cargill@blackpearlmail.com | +64 21 135 5183