Creso Pharma Limited announced that it will issue secured convertible notes for gross proceeds of AUD 2.5 million on March 6, 2023. The transaction will include participation from SBC Global Investment Fund, a fund managed by SBC Global Investors for AUD 1.7 million. The company will issue the notes in two tranches of which AUD 1.7 million to occur 5 business days after the execution date and AUD 0.8 million to occur 5 business days after the company obtains shareholder approval, within 6 weeks of the execution date for the issue of the convertible securities proposed to be issued at the second purchase.

The notes will mature is nine months after the purchase of the security. The notes are convertible into at a conversion price of AUD 0.04 or 150% of the average of the five daily VWAPs during the five actual trading days prior to each Purchase, rounded down to the nearest AUD0.001, subject to adjustment.