BCI Minerals Limited announced that it has entered into a security purchase agreement for the issuance of unsecured convertible notes for gross proceeds of AUD 60 million on April 28, 2023. The transaction will include participation from returning investors and largest shareholders of the company, Wroxby Pty Ltd for AUD 30 million, currently owns 39.5% stake and AustralianSuper Pty. Ltd. for AUD 30 million, currently owns 14.8% stake. The notes will bear initial interest rate of 10% per annum, increasing to 13% per annum from July 31, 2023. The notes will mature on February 29, 2024, with an extension to August 29, 2024. Further extensions can be agreed between the parties provided such date is no later than 29 August 2025. The notes are convertible into common shares of the company at a conversion price of AUD 0.43. The notes are redeemable at the option of the company. The issue of the notes is subject to shareholder approval to be sought at a general meeting of the company expected to be held in late June 2023. The transaction is subject to Australian Securities Exchange approval.

On June 21, 2023, the company announced that the issue and conversion date of the notes will be now 11 business days after BCI announces that shareholders have approved, which is expected to be on 10 July 2023.