Adherium Limited (ASX:ADR) has announced it will raise $900,000 through convertible notes to support the expansion of its Hailie® Smartinhaler® platform in the United States. The financing involves the issuance of approximately 900,000 convertible notes, with investors receiving one attaching option for every two shares issued. Phillip Asset Management Limited and Trudell Medical Limited have each committed $450,000 to the capital raise.
The company will seek shareholder approval at its 2025 Annual General Meeting for issuing the additional convertible notes. The terms of the notes mirror those issued in March 2025, including a 10% annual interest rate and a maturity date nine months from issuance. Noteholders can convert their notes into ordinary shares before maturity, with the conversion price determined by whether a capital raising of at least $5 million (Placement) occurs. The conversion price is set at the lower of $0.01 per note or the price per ordinary share in a Placement, with a floor of $0.005 per note. If no placement has occurred, the conversion price is $0.005 per note.
For every two ordinary shares issued upon conversion, the company will issue one option. Each option entitles the holder to subscribe for one fully paid ordinary share in Adherium Limited at an exercise price equal to the lower of $0.02 or the price during a placement, with a floor of one cent. The options are exercisable until February 28, 2028. Funds will be used to support the ongoing roll-out of the Hailie® Smartinhaler® platform in the United States and for general working capital purposes. Adherium’s Hailie® platform is designed to monitor medication usage and adherence, offering healthcare providers insights into patient respiratory disease management.
