PLAYSIDE STUDIOS LIMITED — Capital/Financing Update 2023

Jan 9, 2023

Update Summary

Entity name

PLAYSIDE STUDIOS LIMITED

Announcement Type Update to previous announcement

Date of this announcement

10/1/2023

Reason for update to a previous announcement

There were incorrect Option Terms disclosed in announcement on 16 November 2022 - see updated terms within Section 7F.2 below

Refer to next page for full details of the announcement

Part 1 - Entity and announcement details

1.1 Name of +Entity

PLAYSIDE STUDIOS 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

Registration Number

ABN

73154789554

1.3 ASX issuer code

PLY

1.4 The announcement is

Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

There were incorrect Option Terms disclosed in announcement on 16 November 2022 - see updated terms within Section 7F.2 below

1.4b Date of previous announcement to this update

16/11/2022

1.5 Date of this announcement

10/1/2023

1.6 The Proposed issue is:

A placement or other type of issue

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? No

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)? New class

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

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

Have you received confirmation fromASX that the terms of the proposed+securities are appropriate and	Will the entity be seeking quotationof the 'new' class of +securities onASX?
equitable under listing rule 6.1?	No
No

ASX +security code	+Security description
New class-code to be confirmed	Unquoted Options

+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

Please describe the consideration being provided for the +securities

NIL

Please provide an estimate of the AUD equivalent of the consideration being provided for the +securities

0.010000

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details

+Security currency

AUD - Australian Dollar

Exercise price AUD 0.8917

Expiry date 16/11/2032

Details of the type of +security that will be issued if the option is exercised

PLY : ORDINARY FULLY PAID

Number of securities that will be issued if the option is exercised

One PLY Share per Each Option Exercised

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.

refer part 7F.2 below

Part 7C - Timetable

7C.1 Proposed +issue date 16/11/2022

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?

5 Million PLY Equity Options

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? 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? 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 NIL

Part 7F - Further Information

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

An obligation under an existing employment agreement

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

Vesting Date (Updated): Earlier of: 16 November 2025; OR Termination of Option Holder's Employment without cause or as a result of redundancy; OR Occurrence of a Change of Control Event. Expiry Date (Updated): 16 November 2027