Department 13 International Limited announced a new funding facility. The Company advised that it has secured a Line of Credit (‘Facility') of up to $10 million. The Facility will enable the Company to fund its on-going operations for the foreseeable future. This Facility will provide D13 with the necessary capital to further commercialise and leverage its existing IP, software and products. The Facility has been structured as a rolling facility, enabling D13 to draw down and repay (without penalties) at any time. In addition, interest is only payable on drawn funds and all fees are only payable at Maturity. The total Facility is in three tranches of $2 million, $3 million and $5 million respectively.

The company is in the process of reconstituting the Board and will appoint two new Australian Directors shortly. Further, the Company will be looking to replace Mr. Steve Shattil and Dr. Kathleen Kiernan who have tendered their resignation, effective no later than February 25, 2019. Subsequently, the Company will not be holding an EGM for the Spill Resolution. The two new Australian Directors are to be appointed before Mr. Shattil's and Dr. Kiernan's resignations will have taken effect. All new Directors will be subject to re-election at the 2019 AGM.