Pilot Energy Limited announced a private placement of convertible note facility for the gross proceeds of AUD 3,000,000 on November 11, 2024. The transaction will include participation from new investor, Discovery Investments Pty. Ltd. The note will have a coupon rate of 12% and a conversion price of AUD 0.02 per share.
The Facility provides for an issue of convertible notes (Notes) to be issued in two tranches. The initial tranche will be for AUD 2,400,000 which is being contributed as an advance payment within 14 business days. The second tranche under the Facility provides for a further tranche of AUD 600,000.