Propell Holdings Limited announced a private placement of an unsecured convertible note facility for gross proceeds of AUD 2,800,000 on July 11, 2022. The note will bear 10% interest rate of which 5% paid quarterly in arrears and 5% capitalised, included in conversion/redemption as applicable and 30 month term to maturity The notes will have a conversion Price of 80% of the 30-day VWAP, with a maximum cap of AUD 0.07 and a minimum floor of AUD 0.03, calculated at the date of issue of conversion notice. The terms of the notes are subject to shareholder approval.

Prior to receipt of shareholder approval, the Company may draw up to AUD 500,000 as a cash advance from the funds raised under the transaction, which it must then repay if shareholders do not approve the terms of the notes. If shareholder approval is received the cash amount drawn prior will then form part of the principal amount under the notes. The Company intends to hold an Extraordinary General Meeting to seek approval for the terms of the notes on a date to be determined in August 2022.