Confirmation of Release – WEC – Constitution 2148729

Nov 27, 2020 at 9:58 PM UTC · Issued by White Energy Company Limited

A S X R e l e a s e

The Manager

Company Announcements Office

Australian Stock Exchange

New Constitution

27 November 2020 - White Energy Company Limited (ASX: WEC; OTCQB:WECFF) ("White Energy" or "the Company"), attaches for immediate release its New Constitution.

As announced in our earlier release, Resolution 6 - Adoption of New Constitution was approved by shareholders at today's Annual General Meeting as a special resolution.

It is further noted that shareholders also approved Resolution 7 - Renewal of Proportional Takeover Provisions as a special resolution.

This release has been authorised by Brian Flannery, Managing Director, on behalf of the Board of Directors.

For Further Information Call:

Brian Flannery

Managing Director & CEO White Energy Company Limited + 61 7 3229 9035

Forward Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the Company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the Company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The Company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the Company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.

Level 7, 167 Eagle Street BRISBANE QLD 4000 Tel +61 7 3229 9035 Fax +61 7 3229 8995

Email:info@whiteenergyco.comWeb:www.whiteenergyco.comABN 62 071 527 083

Page 1

Contents

Table of contents

1	Preliminary	1
	1.1	Definitions and interpretation ....................................................................................	1
	1.2	Application of the Act, Listing Rules and ASX Settlement Operating Rules.............	3
	1.3	Exercising powers.....................................................................................................	4
	1.4	Currency ...................................................................................................................	5
	1.5	Transitional provisions ..............................................................................................	5

2	Share capital	5
	2.1	Shares.......................................................................................................................	5
	2.2	Preference shares.....................................................................................................	6
	2.3	Alteration of share capital .........................................................................................	7
	2.4	Conversion or reclassification of shares ...................................................................	7
	2.5	Variation of class rights.............................................................................................	7
	2.6	Joint holders of shares..............................................................................................	7
	2.7	Equitable and other claims .......................................................................................	8
	2.8	Restricted securities..................................................................................................	8

3	Calls, forfeiture, indemnities, lien and surrender	8
	3.1	Calls ..........................................................................................................................	8
	3.2	Proceedings to recover calls.....................................................................................	9
	3.3	Payments in advance of calls ...................................................................................	9
	3.4	Forfeiting partly paid shares .....................................................................................	9
	3.5	Members' indemnity................................................................................................	10
	3.6	Lien on shares ........................................................................................................	11
	3.7	Surrender of shares ................................................................................................	11
	3.8	Sale, reissue or other disposal of shares by the company .....................................	12
	3.9	Interest payable by member ...................................................................................	13

4	Distributions	13
	4.1	Dividends ................................................................................................................	13
	4.2	Capitalising profits...................................................................................................	15
	4.3	Ancillary powers......................................................................................................	15
	4.4	Reserves .................................................................................................................	16
	4.5	Carrying forward profits ..........................................................................................	16

5	Transfer and transmission of shares	17
	5.1	Transferring shares.................................................................................................	17
	5.2	Power to decline to register transfers .....................................................................	18
	5.3	Power to suspend registration of transfers .............................................................	18
	5.4	Selling non marketable parcels...............................................................................	18
	5.5	Transmission of shares...........................................................................................	19

6	Proportional takeover provisions	20
	6.1	Definitions ...............................................................................................................	20
	6.2	Transfers not to be registered.................................................................................	20
	6.3	Approving Resolution..............................................................................................	20
	6.4	Sunset .....................................................................................................................	21

Constitution for White Energy Company Limited

Contents 1

			Contents
7	General meetings	21
	7.1	Calling general meetings ........................................................................................	21
	7.2	Notice of general meetings .....................................................................................	22
	7.3	Admission to general meetings...............................................................................	22
	7.4	Quorum at general meetings ..................................................................................	23
	7.5	Chairperson of general meetings............................................................................	24
	7.6	Conduct at general meetings ..................................................................................	24
	7.7	Decisions at general meetings................................................................................	25
	7.8	Direct voting ............................................................................................................	26
	7.9	Treatment of direct votes ........................................................................................	26
	7.10	Voting rights ............................................................................................................	26
	7.11	Representation at general meetings .......................................................................	27
8	Directors	30
	8.1	Appointment and retirement of directors ................................................................	30
	8.2	Vacating office ........................................................................................................	31
	8.3	Remuneration .........................................................................................................	31
	8.4	Director need not be a member ..............................................................................	32
	8.5	Directors may contract with the company and hold other offices ...........................	33
	8.6	Powers and duties of directors ...............................................................................	33
	8.7	Delegation by the Board .........................................................................................	34
	8.8	Proceedings of directors .........................................................................................	34
	8.9	Calling meetings of the Board.................................................................................	35
	8.10	Notice of meetings of the Board .............................................................................	35
	8.11	Quorum at meetings of the Board...........................................................................	36
	8.12	Chairperson and deputy chairperson of the Board.................................................	36
	8.13	Decisions of the Board............................................................................................	36
	8.14	Written resolutions ..................................................................................................	36
	8.15	Alternate directors...................................................................................................	37
	8.16	Validity of acts.........................................................................................................	38
9	Executive officers	38
	9.1	Managing directors and executive directors ...........................................................	38
	9.2	Secretary.................................................................................................................	38
	9.3	Provisions applicable to all executive officers ........................................................	38
10	Indemnity and insurance	39
	10.1	Persons to whom rules 10.2 and 10.4 apply ..........................................................	39
	10.2	Indemnity ................................................................................................................	39
	10.3	Extent of indemnity .................................................................................................	39
	10.4	Insurance ................................................................................................................	39
	10.5	Savings ...................................................................................................................	39
	10.6	Deed .......................................................................................................................	40
11	Winding up	40
	11.1	Distributing surplus .................................................................................................	40
	11.2	Dividing property .....................................................................................................	40
12	Inspection of and access to records	41
13	Seals	41
	13.1	Manner of execution ...............................................................................................	41
	13.2	Common seal..........................................................................................................	41

Constitution for White Energy Company Limited

Contents 2

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