Deinove SA announced private placement of 1,000 convertible notes at a price of €10,000 per note for gross proceeds of €10,000,000 to existing investor European Select Growth Opportunities Fund, a fund managed by L1 Capital Pty. Limited on September 1, 2021. The notes will be issued at par, matures in 12 months of issue and does not bear any interest.

The notes are convertible into common shares at a price equal to 95% of volume-weighted average daily price of common shares among the 10 trading days immediately preceding the date of receipt of a notice conversion by the company. The company will also issue 1,000 warrants exercisable into a convertible note for a period of 24 months. The notes will be issued in multiple tranches over a period of 24 months.

The transaction has been approved by the board of directors of the company. Each tranche issuance includes a 3% fee, such as the net amount received by the Company represents 97% of the nominal amount of the issued tranche.