EV Resources Limited announced a private placement for issuance of 3,400,000 senior secured convertible notes at a price of AUD 1.53 per note for gross proceeds of AUD 5,202,000 on August 8, 2023. The notes carry zero coupon rate and will mature on July 31, 2025. The company will close the transaction in 3 tranches, the first tranche for $850,000, second tranche for $850,000 and third tranche for $1,700,000.

The first tranche is expected to close on August 11, 2023, and the second & third tranche on October 10, 2023. The first tranche notes will be converted to 132,000,000 shares, and second & third notes will be converted to 137,651,822 shares. The company will pay $260,100 as facility fee.