AUSQUEST LIMITED — Capital/Financing Update 2020

Nov 30, 2020

Proposed issue of securities

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Announcement Summary

Entity name AUSQUEST LIMITED

Announcement Type

New announcement

Date of this announcement

Tuesday December 1, 2020

The Proposed issue is: A placement or other type of issue

Total number of +securities proposed to be issued for a placement or other type of issue

Maximum Number of ASX +security code +Security description +securities to be issued n/a Unlisted options exercisable at $0.075 each on or before 30 20,000,000 November 2024

Proposed +issue date

Tuesday December 1, 2020

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

AUSQUEST LIMITED

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

ABN

Registration Number

35091542451

1.3 ASX issuer code

AQD

1.4 The announcement is

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New announcement

1.5 Date of this announcement

Tuesday December 1, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval Thursday November 26, 2020 Actual Yes

Comments

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional No securities in a class that is already quoted or recorded by ASX)? New class

Details of +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from Will the entity be seeking quotation ASX that the terms of the proposed of the 'new' class of +securities on +securities are appropriate and ASX? equitable under listing rule 6.1? No Yes ASX +security code +Security description New class-code to be confirmed Unlisted options exercisable at $0.075 each on or before 30 November 2024

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	urity typens
	ber of +securities p0,000	roposed to be issued
	price details
	he +securities prop	osed to be issued bein	g issued fo	r a cash co	nsideration?
	e describe the con	sideration being provi	ded for the +	securities
TheNov	Options are deemedember 2020, being th	to have a value of $0.0e date of shareholder a	09 per Optionpproval for th	, based one issue of th	a Black Scholes Optiese Options.	on Pricing valuation at 2	6
	e provide an estimded for the +securi00.000000	ate of the AUD equivalties	ent of the co	nsideration	being
	ll the +securities isissue date?	sued in this class rank	equally in	all respects	from
	s
	ails
	urity currency	Exercis	e price		Expiry date
	- Australian Dollar	AUD 0.0	750		Saturday No	vember 30, 2024
	l f h f	i h ill b i	d if h	i i	id
	s o te type o +s: ORDINARY FULLY	curty tat w e ssPAID	e te op	on s exer	se
	ber of securities tha	t will be issued if the	option is exe	rcised
20,0	00,000

Part 7C - Timetable

7C.1 Proposed +issue date

Tuesday December 1, 2020

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Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? No

7D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No

7D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? No

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.01 The purpose(s) for which the entity is issuing the securities

Issue of unlisted options to Directors as approved at the Company's AGM on 26 November 2020 (Resolutions 3 to 5)

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

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7F.2 Any other information the entity wishes to provide about the proposed issue

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