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Highlights
- Australia's Wooboard, a listed entity, has announced issuance of convertible notes worth AU$1 million
- The terms include 6% p.a. coupon rate, which is payable after the end of the term (18 months)
- Clee Capital is the lead manager, and the conversion price represents premium over the current WOO share price
Wooboard Technologies (ASX: WOO) has announced the issuance of AU$1 million worth of convertible notes. The company -- which is into human resources (employee health and wellness) and has software-as-a-service (SaaS) products -- has entered into a conditional convertible bond agreement with investors.
The said investors were procured by Clee Capital Pty Ltd, and WooBoard says that an Extraordinary General Meeting would soon be called to approve the issuance.
The development
Wooboard, which works to improve productivity of large companies and incentivise staff with its enterprise level solutions, has been able to secure backing for its fund-raising event, with total issuance amounting to AU$1 million.
The company has said that the Clee Capital facilitated convertible notes issuance would involve conversion rate of AU$0.015, which is a 200% premium to the share price of WOO at the time of announcement.
Clee Capital would be paid a fee of 3% (excluding GST) of the funds raised. Additionally, it would involve issue of 30M options, subject to shareholder approval in the EGM, at an exercise price of AU$0.02 and expiration date of two years.
Image source: WooBoard’s website; © 2023 Krish Capital Pty. Ltd.
About Wooboard
The company is into solutions that focus on wellbeing and mindfulness of people employed with large-scale businesses across the globe. WOO is also developing ‘an evolving stable’ of SaaS products that would focus on monitoring of employee experience. The company is leveraging the digitisation of workers’ wellbeing, including inter-related market for personal health and staff-monitoring human resource managers.
WOO shares were trading at AU$0.007 midday on 7 March 2023, up over 16% from the last close.