Ann: Application for quotation of securities - CLZ, page-46

CLZ has raised $4m with 160 CN's at $25k

They only convert to shares once redeemed and maintain face value of $25k if not redeemed by 2025 (June 30?)

So, if the holder of the CN/s don't redeem by the expiry date they maintain face value of $25 that must be returned to the holder.

So, if the$4m funds are used and then no conversions all $4m needs to be paid back therefore CN's are categorised as a Liability.