Integrated Media Technology Limited announced a private placement of convertible notes for gross proceeds of $10 million on January 3, 2022. The transaction will include participation from 8 individual investors. The notes bear interests at 6% per annum maturing in 2 years from the date of issuance of the notes.

The notes can be converted in the principal amount to shares at a fixed conversion price of $3.12 per share, subject to adjustment, over the term of the notes. The holder of the notes cannot convert the shares if such conversion would take the noteholder over 4.99% shareholding in the company. The investors will also receive warrants representing 80% of the amount of the notes, raising an additional $8 million if all the warrants are exercised.

The warrants are for a term of 2 years from the date of the convertible notes and can be exercised at $3.74 for each share. The warrant holder cannot exercise the warrant to subscribe for shares if such exercise would take the warrant holder over 4.99% shareholding in the company.