PhosCo Ltd announced a private placement to issue 1,000,000 converting notes each with a face value of AUD 1 to sophisticated and professional investors and Taz Aldaoud for the gross proceeds of AUD 1,000,000 on March 7, 2024. The Interest on the Principal Amount will accrue from the issue date until the Converting Notes are either redeemed or converted into Shares at a rate of 10% per annum, accruing on daily balances on the basis of a year of 365 days. The Converting Notes are to be converted on or before the date which is 12 months from the issue date.

The transaction has been approved by the shareholders of the company.