Payright : Proposed issue of securities - PYR

Announcement SummaryEntity name PAYRIGHT LIMITED

Announcement Type New announcement

Date of this announcement 5/4/2022

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

Proposed +issue date 10/5/2022

Refer to next page for full details of the announcementPart 1 - Entity and announcement details

1.1 Name of +Entity

PAYRIGHT 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 ACN

Registration Number 605753535

1.3 ASX issuer code PYR

1.4 The announcement isNew announcement

1.5 Date of this announcement 5/4/2022

1.6 The Proposed issue is:

A placement or other type of issuePart 7 - Details of proposed placement or other issuePart 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 +Security holder approval

Date for determination 5/5/2022

Is the date estimated or actual?

** Approval received/condition met?

Actual

Comments

The security holder approval is only sought in respect of the issue of fully paid ordinary shares and the convertible notes. Security holder approval is sought for the issue of the Warrants, however, should approval not be obtained, the Warrants will be issued utilising Listing Rule 7.1 capacity.

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

Details of +securities proposed to be issued

ASX +security code and description

PYR : ORDINARY FULLY PAID

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

No

Number of +securities proposed to be issued

8,333,333

Offer price details

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

Yes

In what currency is the cash Proposed issue of securities

What is the issue price per 3 / 8

In what currency is the cash consideration being paid?

AUD - Australian Dollar

What is the issue price per +security?

AUD 0.18000

onlyFor personal use

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

Yes

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

Details of +securities proposed to be issued

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

No

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)Have you received confirmation from Will the entity be seeking quotationASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1?

Yes

ASX +security code

New class-code to be confirmed

CONVERTIBLE NOTE EXP 10/05/2026

+Security type

+Convertible debt securities

of the 'new' class of +securities on ASX?

No

+Security description

Number of +securities proposed to be issued 35,555,560

Offer price details

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 0.22500

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

Yes

+Convertible debt securities details

These securities are:

Convertible

Type of security Convertible note or bond

+Security currency

AUD - Australian Dollar

Interest rate type

Fixed rate

Frequency of coupon/interest payments per year

Semi-annual

Interest rate per annum 9.00000 %

s128F of the Income Tax Assessment Act status applicable to the +security s128F exemption status unknown

Is the +security perpetual (ie. no maturity date)?

No

Select other features applicable to the +security

Redeemable

Is there a first trigger date on which a right of conversion, redemption, call or put can be exercised (whichever is first)?

Face value

AUD 0.2250

First interest payment date

30/9/2022

Is the interest rate per annum estimated at this time?

No

Maturity date 10/5/2026

No

Details of the type of +security that will be issued if the securities are converted, transformed or exchanged

PYR : ORDINARY FULLY PAID

Number of +securities that will be issued if the +securities are converted, transformed or exchanged (including, if applicable, any interest)

35,555,560