Tryp Therapeutics Inc. announced a private placement of unsecured convertible notes for gross proceeds of up to AUD 3 million on November 2, 2023. The notes will have a term of 12 months and will be interest free. The notes shall automatically convert into common shares on the earlier of the maturity date, or the time the company is completing a liquidity event, as defined in the notes.

The closing of the transaction is anticipated to occur on or about November 9, 2023, and is subject to receipt of all necessary corporate and regulatory approvals, including the approval of the Canadian Securities Exchange. The notes and the shares issuable on conversion of the notes, will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.