Whitebark Energy (ASX:WBE) said its placement of AU$2 million will now include a conversion of debt to equity of AU$84,040 to an unrelated party creditor, according to a Friday Australian bourse filing.
Tranche one of the placement will now be issued under bourse rule 7.1 for 37.1 million shares and rule 7.1a for 18.7 million shares. Tranche two for 251.8 million shares will be subject to shareholder approval.
In addition to the previously disclosed proposed issue of options to joint lead managers to the offer, the company has also agreed to pay the managers a cash fee equal to 6% of the amount raised under the capital raise to be paid from successfully received proceeds, the filing added.
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