BCI Minerals Limited announced that it has entered into agreements of 58,139,535 convertible notes at an issue price of AUD 0.43 per note for the gross proceeds of AUD 25,000,000.05 on October 19, 2023. The transaction will include participation from returning investor, Ryder Capital Limited, a fund managed by, Ryder Investment Management Pty Limited. The notes will be convertible into an ordinary share in the company an initial conversion price of AUD 0.43 and has a a floor price of AUD 0.18.

The notes will have an interest at 10.0% per annum, increasing to 13.0% per annum from 31 January 2024, and will be capitalized quarterly and added to the face value of the Notes. The notes will be matured on February 29, 2024. The transaction is expected to close on October 20, 2023.