FG Acquisition Corp. announced a private placement for issuing 8% Unsecured Subordinated Convertible Debentures for gross proceeds of up to CAD 20 million on May 12, 2023.The debentures will be convertible into common shares at an implied conversion price of CAD 12.00 per Common share and shall bear interest at a rate of 8.0% per annum, paid semi-annually. The closing of the private placement is expected to occur contemporaneously with the closing of business combination.

The private placement will be subject to customary conditions, including the closing of the business combination.