Kaddy Limited announced that it will issue 10% unsecured convertible note for the gross proceeds of AUD 7.974 million in a round of funding on December 19, 2022. The transaction will include participation from Triton Growth Management Pte Ltd for AUD 7 million and existing major shareholders and senior management for AUD 0.974 million, including AUD 0.35 million from the directors and new Chief Executive officer Steve Voorma. The redemption may occur any time prior to the end of the term if the note holder elects, or upon an event of default or change of control event, or at maturity if the note has not been converted for any reason. The company entered into agreement and also issuing 1 unlisted option will be issued for every 5 shares issued upon conversion of the convertible note. The options will expire on 30 June 2023 and have an exercise price of AUD 0.10. The issue of the options is subject to and conditional on the receipt of prior shareholder approval.

On the same day the company received AUD 1.674 million in its first tranche. The tranche included participation from Triton Growth Management Pte Ltd for AUD 0.7 million and existing major shareholders and senior management for AUD 0.974 million, including AUD 0.35 million from the directors and new Chief Executive officer Steve Voorma.