MyEco Group to Raise AU$1.6 Million via Convertible Notes Issuance; Shares Fall 6%
MT Newswires Live
May 07, 2025
MyEco Group (ASX:MCO) has secured commitments from sophisticated investors to raise AU$1.6 million through a convertible note issuance, according to a Tuesday filing with the Australian bourse.
The proceeds will support growth initiatives and one-off restructure costs aimed at cutting annual fixed expenses in the range of AU$2.5 million to AU$3 million, the filing said.
The notes carry a face value of AU$1 each, accrue interest at 10.5% per annum paid quarterly, and are convertible at a 15% discount to the 14-day volume-weighted average price, subject to a maximum conversion price of AU$0.05 and a minimum of AU$0.019 per share, the filing added.
Shares of the company fell 6% in recent Wednesday trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.