Whitebark Energy Limited announced a private placement of 1,000,000 redeemable convertible notes at a price of AUD 1 per note for the gross proceeds of AUD 1,000,000 on September 12, 2023. The notes have a coupon rate of 20% and are convertible into equity shares of the company at a conversion price of AUD 0.0005 per share. The transaction is subjected to shareholders approval.

The transaction is expected to close within 30 days.