On October 03, 2023, Whitebark Energy Limited closed the transaction. The transaction included participation from Board members. The company issued 1,000,000 redeemable convertible notes at a price of AUD 1 per note for the gross proceeds of AUD 1,000,000.

The notes convert to ordinary shares at an Issue Price of AUD 0.0005 per share (being an equity value of AUD 3.6m). The conversion price may be adjusted to reflect the commercial terms of any subsequent capital raising or restructure, at the election of the noteholder.