AKP secures additional funding

• Audio Pixels Holdings Ltd secures additional $6M unsecured loan facility from 4F Investments Pty Limited
• Loan facility to be converted into convertible notes with attaching options, subject to shareholder approval
• Loan facility to be secured via a charge over the company's intellectual property assets

Audio Pixels Holdings Limited (ASX:AKP) has announced that 4F Investments Pty Limited (a company associated with the Chairman Fred Bart) has agreed to provide an additional unsecured loan facility of up to $6 million over the next twelve months, to be funded progressively as required. This additional unsecured loan facility held with Audio Pixels will be converted into convertible notes with attaching options, subject to shareholder approval pursuant to ASX Listing Rule 10.11. The key terms of the proposed conversion into convertible notes and grant of options are outlined in the announcement. The new funding and any additional funding provided by 4F Investments will be secured via a charge over the intellectual property assets of the company once approved at the next meeting of shareholders to comply with ASX Listing Rule 10.1. If the next delivery of packaged chips fails to meet testing specifications or the company fails to re-list on the ASX within 120 days, 4F Investments Pty Limited has the option to cease funding the company.