Ann: Funding Package, page-31

The put option is positive for Anteris as it has given Anteris the right to drawdown when we need the cash by issuing share to Mercer at 10% discount to the VWAP and up to the amount capped at the total turnover of the presiding 10 trading days.
In the other words, we have the right to sell share to Mercer under this option agreement.

Full statements as announced shown below:
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Put option
• A put option agreement of up to $16.5M providing the Company with the ability to require Mercer to invest in new shares of the Company at 90% of the average five-day VWAP. Each drawdown is subject to satisfaction of various closing conditions and is limited in size to 10 times the average daily number of the Company’s shares traded on the ASX during a 10-day period before its exercise.
• A fee of 1.5% of each draw down is payable by the Company in cash or, subject to shareholder approval, new shares (at Mercer’s election).
• There is no agreement to issue securities to Mercer at this point in time under the put option and any future exercise of the put option to draw down on this facility will require the Company to have sufficient placement capacity under the Listing Rules or otherwise seek shareholder approval to issues shares under the put option.