Linius Technologies Limited announced that it has issued unsecured convertible notes for gross proceeds of AUD 352,865 on March 15, 2023. The transaction included participation from strategic, professional and sophisticated investors. The convertible notes shall convert into fully paid ordinary shares in the company at a price of AUD 0.002 per share, subject to the company obtaining shareholder approval for the purposes of Listing Rule 7.1 for the issue of those shares.

The conversion shall occur within seven days of such approval being obtained. The company shall, as soon as reasonably practicable, convene a general meeting of its shareholders to seek such approval. If shareholder approval is not given, the principal amount of the convertible notes shall be repayable in cash.

The convertible notes have twelve month term and an 8% pa coupon, with the interest payable on repayment of the principal amount. There is no interest payable if the convertible notes convert into shares. The transaction has been approved by the board of directors of the company.