Adslot (ASX:ADS) received firm commitments to raise AU$989,000 from sophisticated and professional investors via the issue of secured convertible notes and equity, according to a Thursday Australian bourse filing.

The company plans to issue AU$739,000 in secured convertible notes, with a conversion price is AU$0.001 per share, the filing said.

The trustee of a trust controlled by Andrew Barlow and David Barlow, who respectively also separately control other existing shareholder entities in Adslot, subscribed for AU$374,000 worth of the notes.

Subject to shareholder approval, each note subscribed for will entitle the noteholder to be issued with 333,333 attaching options in the company. The company plans to issue a total of 246.3 million attaching options to the noteholders.

The company also received commitments from sophisticated or professional investors for AU$250,000 in ordinary shares, the filing said. It will issue 250 million fully paid ordinary shares to them at AU$0.001 per share.

Chairman Andrew Dyer, through related entities, agreed to subscribe for 25 million shares, subject to shareholder approval.

The company will use the proceeds for working capital and investments in key commercial projects and to bolster its balance sheet, per the filing.