BPH Global (ASX:BP8) Secures A$100,000 Funding for Seaweed Business
Funding Commitment
BPH Global Ltd (ASX: BP8) has successfully secured A$100,000 in funding through the issuance of convertible notes to a Malaysian-based investor. This investment is aimed at supporting the company’s Indonesian-based seaweed business venture.
Convertible Notes Details
The convertible notes will convert into ordinary shares at A$0.003 per share. The terms outline that the A$100,000 will be treated as an interest-free unsecured loan, which will be converted upon obtaining necessary shareholder approval at an Extraordinary General Meeting (EGM) expected to be convened in February 2025. If the loan is not converted within six months, it must be repaid to the investor without interest.
Use of Funds
The funds will cover costs associated with completing the Indonesian seaweed project, operational expenses post-completion, working capital, and costs related to the convertible notes issuance. This business aligns with BPH Global’s plan announced in October 2024 to develop seaweed resources in Indonesia, with recent steps taken to complete due diligence and secure necessary permits.
Future Outlook
BPH Global and its joint venture partners are on track to meet the final conditions for the seaweed business acquisition, with expectations to complete these by 15 January 2025. Further updates will be provided as the project progresses.
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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