Austral Gold Limited announced that it has entered into an agreement to issue up to approximately 1,600,000 non-transferable unsecured convertible notes, each having a face value of AUD 1 for the gross proceeds of AUD 1,600,000 on October 10, 2023. The notes are to bear interest at a rate of 9% per annum and mature on the second anniversary of the date they are issued. Each note will entitle the holder to convert the notes into ordinary shares of the company at the holder's option at a conversion price of AUD 0.059 per share during the first year and AUD 0.118 during the second year. The transaction is subject to acceptance by the TSX Venture Stock Exchange and the notes and the underlying conversion shares will be subject to a four month hold period as required by applicable
Canadian law.