Extension of Exclusive Due Diligence Period for a Funding Facility of up to US$20,000,00012
As previously announced on 17 November 2023, the Company signed a Binding Term Sheet (Term
Sheet) to provide a pathway for the execution of a formal agreement for a general working capital and
litigation funding facility of up to US$20,000,000 (Funding Facility) with Locke Capital I, LLC and its
investment manager Locke Capital Limited (Locke). Locke has substantially advanced its due diligence
process. To enable the parties sufficient time to seek final approvals and negotiate and agree the facility
documents, an extension to the Term Sheet from 31 March 2024 to 31 May 202413 was agreed during
the March 2024 quarter, with the aim of executing a formal agreement for the Funding Facility as soon
as practicably possible.
Locke has affirmed it remains committed to progressing the facility on terms
consistent with the Term Sheet, subject to successful finalisation of diligence, final approvals, and
negotiating and agreeing facility documents.
