ICETANA LIMITED — Capital/Financing Update 2021

Dec 7, 2021

Proposed issue of securities

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Announcement Summary

Entity name

ICETANA LIMITED

Announcement Type

New announcement

Date of this announcement

8/12/2021

The Proposed issue is:

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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
New class-code to be	Unquoted option, Ex $0.15 each, expiring 24 months after	16,875,000
confirmed	the date of issue
New class-code to be	Unquoted option, Ex $0.15 each, expiring 24 months after	5,000,000
confirmed	the date of issue
ICE	ORDINARY FULLY PAID	33,750,000

Proposed +issue date

14/12/2021

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

ICETANA 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.

If the +securities are being offered under a +disclosure document or +PDS and are intended to be quoted on ASX, we also apply for quotation of all of the +securities that may be issued under the +disclosure document or +PDS on the terms set out in Appendix 2A of the ASX Listing Rules (on the understanding that once the final number of +securities issued under the +disclosure document or +PDS is known, in accordance with Listing Rule 3.10.3C, we will complete and lodge with ASX an Appendix 2A online form notifying ASX of their issue and applying for their quotation).

1.2 Registered Number Type

ABN

Registration Number

90140449725

1.3 ASX issuer code

ICE

1.4 The announcement is

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New announcement

1.5 Date of this announcement

8/12/2021

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 Do any external approvals need to be obtained or other conditions satisfied before the placement or other type of issue can proceed on an unconditional basis? Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval 31/1/2022 Estimated No

Comments

(1) The Company will seek shareholder approval to issue up to 16,875,000 unquoted options to subscribers under the Placement on the basis of 1 attaching option for every two shares issued under the Placement. The Options will be unquoted options with an exercise price of 15 cents each and an expiry date 24 months after the date of issue. (2) The Company will seek shareholder approval to issue up to 5,000,000 unquoted options with an exercise price of 15 cents each with an expiry date 24 months after the date of issue to Sequoia Corporate Finance Pty Ltd as partial consideration for lead manager services provided to the Company.

Part 7B - Issue details

Is the proposed security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional securities in a class that is already quoted or recorded by ASX)? Existing class

Will the proposed issue of this +security include an offer of attaching +securities? Yes

Details of +securities proposed to be issued

ASX +security code and description

ICE : ORDINARY FULLY PAID

Number of +securities proposed to be issued

33,750,000

Offer price details

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Are the +securities proposed to be issued being issued for a cash consideration? Yes

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.08000

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)?

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 No ASX +security code +Security description New class-code to be confirmed Unquoted option, Ex $0.15 each, expiring 24 months after the date of issue

+Security type

Options

Number of +securities proposed to be issued

16,875,000

Offer price details

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Are the +securities proposed to be issued being issued for a cash consideration?	Are the +securities proposed to be issued being issued for a cash consideration?	Are the +securities proposed to be issued being issued for a cash consideration?
No
Please describe the consideration being provided for the +securities
16,875,000 Options will be issued (subject to shareholder approval) as attaching options under the Placement on a 1
option : 2 shares basis
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Options details
+Security currency	Exercise price	Expiry date
AUD - Australian Dollar	AUD 0.1500	31/1/2024
Details of the type of +security that will be issued if the option is exercised
ICE : ORDINARY FULLY PAID
Number of securities that will be issued if the option is exercised
1
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities
proposed to be issued or provide the information by separate announcement.
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

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+securities are appropriate and ASX?
equitable under listing rule 6.1? No
No
ASX +security code +Security description
New class-code to be confirmed Unquoted option, Ex $0.15 each, expiring 24 months after the date of issue
+Security type
Options
Number of +securities proposed to be issued
5,000,000
Offer price details
Are the +securities proposed to be issued being issued for a cash consideration?
No
Please describe the consideration being provided for the +securities
The 5 million options are being issued to Sequoia Corporate Finance Pty Ltd as partial consideration for the lead manager
services provided to the Company.
Please provide an estimate of the AUD equivalent of the consideration being
provided for the +securities
Will all the +securities issued in this class rank equally in all respects from
their issue date?
Yes
Options details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 0.1500 31/1/2024
Details of the type of +security that will be issued if the option is exercised
ICE : ORDINARY FULLY PAID
Number of securities that will be issued if the option is exercised
1
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities
proposed to be issued or provide the information by separate announcement.
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Part 7C - Timetable

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7C.1 Proposed +issue date

14/12/2021 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? Yes 7D.1b ( i ) How many +securities are proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1? The Company will issue 20,556,014 Shares using its 15% placement capacity under Listing Rule 7.1 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)? Yes 7D.1c ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A? The Company will issue 13,193,986 Shares using its 10% capacity under Listing Rule 7.1A

7D.1c ( ii ) Please explain why the entity has chosen to do a placement rather than a +pro rata issue or an offer under a +security purchase plan in which existing ordinary +security holders would have been eligible to participate The Company undertook a placement rather than a pro-rata issue as it was considered the most efficient, expedient and cost-effective means of undertaking a capital raising in light of apparent investor support. The placement did not expose the Company to volatility and risks that may have been experienced over a more protracted raising process such as a pro-rata issue.

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? No 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? Yes

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7E.1a Who is the lead manager/broker?

Sequoia Corporate Finance Pty Ltd

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

Sequoia is entitled to approximately 6% of the gross proceeds of the Placement. The Company will seek approval to issued up to 5,000,000 unquoted options with an exercise price of $0.15 each and an expiry date 24 months after the date of issue to Sequoia Corporate Finance Pty Ltd as partial consideration for the lead manager services provided to the Company.

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 N/A

Part 7F - Further Information

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

Proceeds will be used to support expanded sales activities as well as development of targeted marketing collateral for the guarding services segment and for new product enhancements.

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

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

N/A

7F.3 Any on-sale of the +securities proposed to be issued within 12 months of their date of issue will comply with the secondary sale provisions in sections 707(3) and 1012C(6) of the Corporations Act by virtue of: The publication of a cleansing notice under section 708A(5), 708AA(2)(f), 1012DA(5) or 1012DAA(2)(f)

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