Australis Capital Inc. entered into term sheet with LDA Capital Limited for a private placement of up to CAD 20 million on December 9, 2021. The company will issue convertible bond with a zero coupon, issued at a 15% discount to the 5- day VWAP on the date a tranche is exercised. Maturity of security will be in 24 months.

The company has a right to issue a draw up to CAD 10 million in tranches, with an option to draw down up to CAD 20 million after completion of the first five tranches of CAD 2 million each, with certain provisions for accelerated or larger tranches.