WESTSTAR INDUSTRIAL LIMITED — Capital/Financing Update 2020

Jul 6, 2020

Proposed issue of securities

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Update Summary

Entity name

WESTSTAR INDUSTRIAL LIMITED

Announcement Type

Update to previous announcement

Date of this announcement

Tuesday July 7, 2020

Reason for update to a previous announcement

Update to extraordinary general meeting date and proposed issue price

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

WESTSTAR INDUSTRIAL 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 Registration Number ABN 38119047693

1.3 ASX issuer code

WSI

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Update to extraordinary general meeting date and proposed issue price

1.4b Date of previous announcement(s) to this update

Thursday April 30, 2020

1.5 Date of this announcement

Tuesday July 7, 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
+Security holder approval	Thursday August 6, 2020	actual?	received/condition met?
		Estimated

Comments

Security holder approval will be sought for the grant of securities to stakeholders, related parties and KMPs in lieu of fees and wages.

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)? Existing class

Details of +securities proposed to be issued

ASX +Security Code and Description

WSI : ORDINARY FULLY PAID Maximum Number of +securities proposed to be issued 38,827,519

Reason for the update of 'Maximum Number of +securities proposed to be issued'

Deemed issue value updated to reflect a premium to market for staff and a format acceptable to ASX for directors.

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Purpose of the issue

Issue of shares in lieu of fees and wages

Offer price details for retail security holders

In what currency is the cash What is the issue price per consideration being paid? +security? AUD - Australian Dollar AUD 0.01500

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

Oversubscription & Scale back details

May a scale back be applied to this event? No

Part 7C - Timetable

7C.1 Proposed +issue date

Thursday August 6, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Thursday August 6, 2020

7D.2 Is a party referred to in listing rule 10.11.1 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

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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.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

Issue of shares to stakeholders in lieu of fees and wages owing. Issue price for directors based on 15-day VWAP prior to the date of issue of the Shares. Issue price for staff deemed at $0.015 per Share.

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