Energy Technologies Limited closed a private placement of convertible note for gross proceeds of AUD 3,600,000 on October 7, 2022. The convertible note will attract a 10.0% coupon rate and is convertible at any time up to, and including, the maturity date at a price of $0.08. The maturity date is 12 months from the issue date, unless redeemed earlier or at such later date as is agreed in writing between the company and the noteholder.

The noteholders may elect to convert their convertible notes into fully paid ordinary shares at any time, however, conversion is subject to obtaining shareholder approval for the issue of the shares on conversion.