Capital Change Notice and Warrant Conversion Notice

4 February 2025

Warrant Conversion Notice

The table below details the conversion of unquoted warrants in Black Pearl Group
Limited (NZX:BPG) (Warrants) in accordance with the Warrant Terms of Issue. Each
Warrant can be exercised at any point on or before the expiry date, being 25 May 2028,
at an exercise price of $0.01 per Warrant. Each Warrant converts to one ordinary share in
BPG (Share) upon exercise.

Number of Warrants converted 10,000
Date of conversion 04/02/25
Number of Shares issued 10,000
Details of any interest or dividend
conditions attaching to the Shares
The Shares issued upon conversion are of
the same class and terms as the ordinary
shares in BPG quoted on the NZX Main
Board.
How many Warrants remain to be
converted
2,310,000



Contact
Released for and on behalf of BPG,
Karen Cargill
Chief Governance Officer
For further information, please contact:
Karen.cargill@blackpearl.com | +64 21 135 5183

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Capital Change Notice

Updated as at June 2023


Section 1: Issuer information
Name of issuer Black Pearl Group Limited
NZX ticker code BPG
Class of financial product Ordinary Shares
ISIN (If unknown, check on NZX website) NZBPGE0004S2
Currency NZD
Section 2: Capital change details
Number issued/acquired/redeemed 10,000
Nominal value (if any) N/A
Issue/acquisition/redemption price per security $0.01
Nature of the payment (for example, cash or other
consideration)
10,000 ordinary shares in BPG
(Shares) were issued for cash.
Amount paid up (if not in full) Fully paid
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the number of
Financial Products of the Class, excluding any Treasury Stock,
in existence)
1

0.02%
For an issue of Convertible Financial Products or Options, the
principal terms of Conversion (for example the Conversion
price and Conversion date and the ranking of the Financial
Product in relation to other Classes of Financial Product) or the
Option (for example, the exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and specific authority
for issue/acquisition/redemption/ (the reason for change must
be identified here)
10,000 Shares issued upon
the exercise of unquoted
warrants in BPG.
Total number of Financial Products of the Class after the
issue/acquisition/redemption/Conversion (excluding Treasury
Stock) and the total number of Financial Products of the Class
held as Treasury Stock after the issue/acquisition/redemption.
63,907,140
In the case of an acquisition of shares, whether those shares
are to be held as treasury stock
N/A
Specific authority for the issue, acquisition, or redemption,
including a reference to the rule pursuant to which the issue,
acquisition, or redemption is made
NZX Listing Rule 4.9.1(b).
Terms or details of the issue, acquisition, or redemption (for
example: restrictions, escrow arrangements)
Converted in accordance with
the Warrant Terms of Issue.
Date of issue/acquisition/redemption
2
04/02/2025

1
The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.
2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).

Section 3: Authority for this announcement and contact person
Name of person

authorised to make this announcement Karen Cargill
Contact person for this announcement Karen Cargill
Contact phone number +64 21 135 5183
Contact email address Karen.cargill@blackpearl.com
Date of release through MAP

04/02/2025