Chatham Rock Phosphate announces Private Placement

Thursday 10th March 2022

WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX: “CRP” or the “Company") wishes to announce that the Company is proceeding with a non-brokered private placement (the “Placement”) of up to 10,000,000 units (the “Units”) at a price of CAD $0.17 per Unit (NZ$0.195) for gross proceeds of up to CAD $1,700,000 (NZD $1,900,000).

CRP shares have had strong investor support following recent announcements by the Company relating to the acquisition of the Korella mine, the application for an exploration permit and at Korella South, and the proposed establishment of a dicalcic phosphate manufacturing plant.

The funds raised will be used for the following purposes:

• Completion of the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia

• Exploration and resource definition for both phosphate and rare earths at Korella South

• General working capital

The Company presently expects that the documentation relating to the acquisition of the Korella Mining Permit will be executed in the near future and the required Foreign Investment Review Board approval will follow within the subsequent 40 days.

Each Unit will consist of one common share in the capital of the Company and one (1) transferable share purchase warrant (“Warrant”), transferable subject to applicable securities legislation. Each Warrant will entitle the holder thereof to acquire one common share at a price of CAD $0.45 per share at any time prior to the date that is three (3) 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 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 such news release.

The common shares and warrants issued pursuant to this proposed offering are subject to a hold period of four months plus one day after the closing dates of the offering as provided by securities legislation.

Finders’ fees may be payable in cash to arm’s length parties in connection with this placement as permitted under the policies of the TSX Venture Exchange. The private placement is subject to the acceptance by the TSX Venture Exchange and is expected to close on or before April 8, 2022. Eligible investors are encouraged to contact the Company’s offices immediately if they wish to participate.

Private Placement Announcement

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