WasteCo Group has announced a $2 million subscription for unsecured convertible notes from a third-party wholesale investor.
The new notes, which mature on Oct 15, 2027, offer the investor the option to either redeem them for cash or convert them into WasteCo shares at a price of $0.02 per share.
The annual interest rate on the notes is 10%, payable quarterly.
The investor already holds $1m of existing convertible notes, and has agreed to apply the proceeds of redemption towards the subscription price for $1m of the new notes.
The remaining $1m of the subscription has been received in cash and will be used for WasteCo's general corporate purposes.
WasteCo, a waste solution company based in Christchurch, provides processing and diversion services for liquid and solid waste.
In 2024, it acquired Civic Waste, a North Island waste management company, to expand its geographic footprint and operational scale.
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