Dotz Nano Limited (ASX:DTZ) Secures Additional A$2 Million Investment
Investment Details
Dotz Nano Limited (ASX: DTZ) has secured a further A$2 million investment from US institutional shareholder Mercer Street Global Opportunity Fund II LP. This follows Mercer’s initial A$5 million investment announced in February 2024. The funds are intended to bolster the ongoing development of DotzEarth, which focuses on carbon capture technology.
Convertible Notes Agreement
The additional investment comprises 2.2 million Convertible Notes, and the terms of the Convertible Securities Agreement have been varied. This includes amending the minimum conversion price for the convertible notes to $0.04. The first tranche involves 1,650,000 Convertible Notes, raising $1.5 million, while the second tranche consists of 550,000 Convertible Notes, raising a further $0.5 million, pending shareholder approvals by 31 January 2025.
CEO Comments
Sharon Malka, Chief Executive Officer and Managing Director of Dotz, expressed enthusiasm about the continued support from Mercer. “This additional investment reinforces Mercer’s confidence in our strategy and growth trajectory,” he stated. Malka highlighted that the funding will allow Dotz to maintain its momentum in developing the DotzEarth technology.
Future Outlook
Dotz plans to convene a shareholders’ meeting to seek necessary approvals for the amended terms of existing convertible securities. The company also aims to raise up to a maximum of $5 million through convertible notes under the existing agreement, further enhancing its financial position.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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