15. Glossary

15. GLOSSARY

15.1 Defined Words and Phrases

In this PDS these words and phrases have the following meaning unless the contrary intention appears:

Act means the Corporations Act 2001 (Cth).

AFS means Australian financial services.

AFSL means an Australian financial service licence.

Applicant means a Unitholder who submits a valid acceptance of and (if applicable) Application for Units and free attaching options and required Application Monies pursuant to this PDS.

Application means an application for or acceptance of Units and free attaching options under the Offer in this PDS.

Application Form means an application or acceptance form attached to or accompanying this PDS for investors to apply for Units under the Offer.

Application Monies means subscription monies paid by an Applicant under the Offer.

ASIC means the Australian Securities and Investments Commission or any regulatory body which replaces it or performs its functions.

Assets means all the property, rights and income of the Fund, but not application money or property in respect of which Units have not yet been issued.

Associate has the meaning given to that term in Division 2 of Part 1.2 of the Act.

ASX means ASX Limited [ACN 008 624 691] and/or the financial market known as ASX, as applicable.

Board means the board of directors of the Responsible Entity.

Business Day has the meaning given to that term as it appears in Chapter 19 of the ASX Listing Rules.

CHESS means the clearing house electronic sub-register system as defined in the ASX Settlement Operating Rules.

Closing Date means 2 September 2022 or such other date as the Responsible Entity may substitute.

Compliance Committee means the compliance committee established by the Responsible Entity in connection with the Fund.

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Constitution means the constitution of the Fund from time to time.

Custodian means the custodian appointed by the Responsible Entity to hold all or part of the Portfolio from time to time, currently Equity Trustees Limited (named for the purposes of identification only).

Director means a director of the Responsible Entity.

ESG means “environmental, social and governance” .

Existing Unitholder means a Unitholder recorded as holding Units in the Fund as at the Record Date.

Offer means the 1 for 3 offer of Units (each with a free attaching option) to eligible Existing Unitholders described in section 2.1 of this PDS.

Fund means the Lowell Resources Fund [ARSN 093 363 986].

Fund Administrator means Lowell Accounting Services Pty Ltd [ACN 050 193 390].

GST means Goods and Services Tax.

IMA or Investment Management Agreement means the investment management agreement entered into between the Responsible Entity and the Investment Manager on 10 November 2017 as varied to the date of this PDS.

Investment means an investment for the time being forming part of or comprised in the Portfolio.

Investment Manager means the investment manager of the Fund, Lowell Resources Funds Management Ltd [ACN 006 769 982].

Issue Price means A$1.35.

Lead Manager means MP Capital Partners Pty Ltd [ACN 159 200 503] [AFSL 443025].

Listing Rules means the listing rules of ASX.

Maximum Subscription means the maximum amount which may be raised under the Offer, being approximately A$13.2 million.

NAV or Net Asset Value means the value of the Assets calculated in accordance with the Constitution less the liabilities of the Fund.

Offer means the Offer and the General Offer.

Official Quotation means official quotation by ASX in accordance with the Listing Rules.

PDS means this Product Disclosure Statement.

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Portfolio means all monies (including cash), investments, additions or borrowings which may from time to time be paid or held by the Responsible Entity or the Investment Manager or the Custodian on behalf of the Fund (whether or not pending investment) and any investments for the time being representing them, any income derived from them and any capital accretions to them regardless of how they arise.

Record Date means, for the purposes of the Existing Unitholder Options Offer, 11 August 2022.

Register means the register of Unitholders kept by the Responsible Entity under the Act.

Registry has the same meaning as Unit Registry.

Relevant Interest has the meaning given to that term in section 608 of the Act.

Responsible Entity means Cremorne Capital Limited [ACN 006 844 588] in its capacity as the responsible entity of the Fund.

Tax means all kinds of taxes, duties, imposts, deductions and charges imposed by a government, together with interest and penalties.

Total Gross Investments means the value of all the investments and other Assets (including cash) forming part of the Fund (before subtraction of fees and other liabilities).

Unit means an undivided share in the beneficial interest in the Fund as provided in the Constitution.

Unit Registry means Automic Pty Ltd [ACN 152 260 814].

Unitholder means a unitholder of the Fund, from time to time.

Value of the Portfolio means, at any date that such value is required to be ascertained, the gross (before subtraction of fees and other liabilities) value of the Investments and Assets (including cash) of the Fund.

15.2 Currency

References in this PDS to currency are to Australian dollars unless otherwise indicated.

15.3 Time

All references to time in this PDS refer to the local time in Melbourne, Victoria, Australia unless stated otherwise.

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