Adveritas Limited announced a private placement of 3,000,000 unsecured convertible notes at issue price of AUD 1 per note for an aggregate gross proceeds of AUD 3,000,000 on April 21, 2022. The transaction included participation from strategic, professional and sophisticated investors which includes both new and existing shareholders. The notes have a term of 2 years and bears interest rate of 8% per annum.

The conversion price is based on 80% of the company's 90-day VWAP subject to a ceiling price of AUD 0.17 per share and a floor price of AUD 0.08 per share. The maturity date is April 12, 2024. The notes are convertible into shares of the company.

The notes are redeemable. The transaction is expected to close on April 22, 2022.