Total Brain Limited announced that it has entered into a convertible note subscription agreement and it will issue 1,278,485 convertible notes at a face value of AUD 1 per share for total gross proceeds of AUD 1,278,485 on April 5, 2022. The transaction included participation from Zoltan Varga. The notes are converted at a conversion price of AUD 0.138 per share being a 20% premium to the closing price of the company's shares on ASX on 31 March 2022.

The notes will mature 18 months from the issue date with interest rate of 12% per annum.