Iron Road Ltd announced a private placement to issue interest free convertible note loan facility for the gross proceeds of AUD 1,000,000 on January 29, 2024. The transaction will include participation from new investor Sentient Global Resources Fund IV, L.P. a fund managed by Sentient Group Limited. The company announced that the first drawdown of the transaction is AUD 250,000 to be made available on or before February 2, 2024.

The company may elect to draw down further amounts in excess of AUD 250,000 by providing written notice to investor , provided that all requested amounts, in aggregate, do not exceed AUD 1,000,000. The notes bears zero interest rate and matures on June 20, 2024. The transaction is subject to shareholder's approval.

The investor at any time before the Maturity Date, convert any convertible notes issued to investor into an equivalent number of ordinary shares which shall secure repayment to the amount of the face value of loans drawn down under the facility. The full face value of all outstanding convertible notes that have not been converted or otherwise repaid will be repayable on or before the Maturity Date. The convertible notes issued will not confer any rights to attend, participate in or vote at a shareholders?

meeting. The convertible notes are transferable with the prior written consent of company.