Thanks @luanboo .
I can confirm that this funding package is linked to the ASX listing requirement. Once secured, the funding will meet the ASX requirements of alleviating "the Merged Group's ability to continue as a going concern" (Emphasis of Matter requirement). So it just won't happen within the merger timeline, hence the ASX listing condition was waived and will be pursued after merger. It'll be good if this can be clarified in the funding package announcement.
From Merger Update:
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From Scheme Booklet:
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