Key points
- Company receives A$100,000 from Malaysian-based investor via convertible notes
- Funds to be used for Indonesian seaweed business development
- Shareholder approval for share issuance expected in February 2025
Full summary
BPH Global Ltd (ASX: BP8) has raised A$100,000 (before expenses) from a Malaysian-based investor by way of the issue of convertible notes. The subscription monies will be treated as an interest-free unsecured loan to the company, pending the issuance of new ordinary shares upon conversion of the loan. The company intends to obtain shareholder approval for the share issuance at an Extraordinary General Meeting (EGM) expected in February 2025. If approved, the loan will be converted into shares at A$0.003 per share. The funds will be used for the costs associated with the completion of the company's Indonesian seaweed-based business transaction, the costs of operating the Indonesian-based seaweed business post-completion, working capital, and the costs of the convertible notes issue. The company and its joint venture partners are now focused on satisfying the remaining conditions precedent to completion of the Indonesian seaweed business transaction, with an extended end date for satisfaction of the conditions to 15 January 2025.