Advanced Systems Automation Limited announced a private placement of redeemable convertible notes in aggregate principal amount of up to SGD 20,000,000 on October 28, 2023. The notes bear coupon rate of 5% and payable in cash quarterly in arrears on 31 March, 30 June, 30 September and 31 December in each calendar year .The Notes will be issued in three tranches comprising of Tranche 1 (?T1?) of SGD 2.5 million comprising of 1 sub-tranche of SGD 2.5 million, Tranche 2 (?T2?) of SGD2.5 million comprising of five (5) equal sub-tranches of SGD 500,000 each (?ST01 to ST05 of T2?) and Tranche 3 (?T3?) of SGD15 million comprising of 30 equal sub-tranches of SGD 500,000 each (?ST01 to ST30 of T3?). The notes issued under tranche 1 and tranche 2 will mature on 12 months (1 year) from the Closing Date and tranche 3 will mature on 36 months (3 years) from the Closing Date.

On October 31, 2023 the Company has carried out a drawdown under the Proposed RCN Issuance to offer and issue the first tranche of the Notes in an aggregate nominal amount of SGD 2.5 million.