Carbonxt Group (ASX:CG1) secured an additional funding of around AU$1.5 million through a share placement and an increase in an existing convertible loan to support its activated carbon plant in Kentucky, US, according to a Thursday filing with the Australian bourse.
Phelbe, the company's largest individual shareholder, subscribed for AU$339,000 at AU$0.06 per share under the placement.
Carbonxt also obtained an increase of nearly AU$1.2 million in its existing AU$500,000 convertible note facility, which was provided by Phelbe. The top-up comprises AU$500,000 from Phelbe and AU$665,000 from Nanjia Capital.
The notes have a conversion price of AU$0.08 per share and bear an interest of 9.5% per annum, with a term of two years. The offer also has one option, exercisable at AU$0.10, for every two shares issued upon conversion, the filing stated.
Nearly 5.7 million new shares will be issued and start trading on Friday.
Carbonxt's shares were up almost 6% in recent Thursday trade.
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