Ann: Secures $4.55m investment and launches entitlement offer, page-18

I consider it to be a convertible note because

1. Money is received by the company now
2. There is a term period
3. The total number of shares is yet to be determined - ie there is no set valuation (note difference between valuation and dollar value) for the investment currently.
4. The financiers have the option of when they want to convert to shares, and after 1 March will do so at significant discount. (10% discount to the lowest 5 days of vwap from the previous 20 prior to 'subscription' - conversion)

I dont think this is as bad as the Bergen deal and shareholders have at least some sort of protection until 21 Nov 2023 and strong protection until February 2023.

What would you consider this to be if not a convertible note?

AUZ has taken such a beating that I am genuinely neutral on the stock. There is some sort of value in the asset, probably greater that the current market cap despite past screw ups of past management. I don't think this deal does shareholders any favours though. Probably a legitimate question is was there much else on the table given the works required which were flagged by the new CEO. If not then at least they have given themselves better protections this time. At least with Lind you can always run with Ginas son works there so has his stamp of approval.