RBR Group Limited announced a private placement to issue 10% Unsecured Convertible notes for the gross proceeds of AUD 1,000,000 on July 28, 2023. The transaction included participation from returning investor Tennant Benefit Consultants (Pty) Ltd. The Convertible Notes may be converted in whole into ordinary shares at the election of the Noteholder at any time from date of issue until maturity. The conversion price will be AUD 0.5 per share. Any outstanding interest owed under the terms of the Convertible Notes is payable by the Company to the Noteholder. Upon conversion, and in addition to shares issued, the Company shall issue options to each Noteholder for nil consideration on the basis of one new option for each five shares. The options will be exercisable at a price equal to the higher of $0.005 and the amount equal to the 20% discount to the VWAP of the Company?s Shares over the 10 days immediately prior to receipt of the Conversion Notice and expiring two years from the Conversion Date. The notes will mature on 3 years. The Convertible Notes will include other terms standard for this type of funding instrument, and the conversion terms will be subject to shareholder approval.

On September 19, 2023, the company announced that the transaction has been approved by the General Meeting of the company.