Way 2 Vat Ltd announced a private placement to issue 22 convertible notes at a price of AUD 50,000 per note for the gross proceeds of AUD 1,100,000 on January 31, 2024. The transaction will include participation from new investor, Thorney Investment Group Australia Pty. Ltd and other shareholders.

Each Note will have a face value of AUD 50,000. The Notes are unsecured and are not transferable. The notes have a coupon rate of 8% per annum on the outstanding principal of the Notes and will mature on February 1, 2026.

The transaction is subject to the shareholder's approval. Each investor has entered into convertible note subscription agreements for completion and issuance of 16 notes for the gross proceeds of AUD 800,000 is anticipated to occur on or around February 1, 2024 and the remaining 6 notes for the gross proceeds of AUD 300,000 being issued on or around February 29, 2024.