It reads to me like they're going to be continually issuing convertible notes pending approval to some unknown fund who pay 90c on the dollar then convert at 8% discount plus 2% fee. In effect a 20% discount altogether but in reality more if you consider the conversion is not at the average vwap but the lowest daily vwap during a period designed for greater discount.
Ann: EN1 Secures Additional Growth Capital of up to AUD $8.2M, page-9
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