Optima Technology Group Limited announced a private placement of 3,220,000 secured convertible notes at a price of AUD 1 per note for aggregate gross proceeds of AUD 3,220,000 on May 12, 2023. The transaction included participation from certain existing and new sophisticated and professional investors, as well as certain directors. The transaction will be completed in two tranche.

The company will issue notes of AUD 300,000 in tranche 1. Tranche 1 is expected to close over the week commencing 15 May 2023. The company will issue maximum of 2,920,000 notes for AUD 2,920,000. The notes will bear fixed interest of 10%.

The notes will mature after 18 months of issuance. The notes will be convertible at a price of AUD 0.018 per share. The notes will be non transferable.

The Company will hold an Extraordinary General Meeting to approve the Convertible Note Issue.