On March 9, 2023, Exopharm Limited closed the transaction. The company issued 1,000,000 convertible notes at an issue price of AUD 1 per share at an par value of AUD 1 per share for gross proceeds of AUD 1,000,000 in the transaction. The transaction was over-subscribed.

The Convertible Notes have been issued today to professional, sophisticated, and other exempt investors who are not related parties of the Company under Convertible Note Subscription Agreements. The conversion price per securities is AUD 0.008 per share. The Conversion is subject to the Company obtaining all necessary legal, regulatory and shareholder approvals.

The notes may be converted by the holder between 1 May 2023 and the day 3 months before the maturity date. The notes will automatically convert upon at the completion of the anticipated Rights Issue. The maturity date of the notes is 9 March 2024 ,the first anniversary of the issue date.

Notes which have not been converted or redeemed will be redeemed on earlier of the maturity date or the sale of the Company's main undertaking or major asset. The notes are unsecured. The Company will arrange to hold general meetings seeking shareholder approval to permit the notes to be converted.

Currently a meeting is anticipated to be held at about the end of April 2023.