Beonic Ltd (ASX: BEO), a company that creates intelligent places with its AI-driven platform and transforms spaces where people work, travel, and meet, has announced it has secured an additional $440,000 in subscriptions for convertible notes. This brings the total raised to $4.18 million, adding to the $3.74 million announced on 12 August 2025. The funds will be used to accelerate the company’s product roadmap and innovation initiatives, repay existing debt maturing in January 2026, and expedite the North African Airport Project.
The convertible notes will be issued with a face value of $1.00, accruing interest at 10% per annum, payable semi-annually up to maturity, which is 24 months after issue. The conversion price for the convertible note is $0.24. Each convertible note will include two free attaching options to acquire an ordinary share. These attaching options will be exercisable at $0.30 on or before three years from the date of issue.
Beonic’s largest shareholder, Thorney Group, has agreed to subscribe for $2 million worth of convertible notes, along with $730,000 in subscriptions from Beonic directors. The issue of convertible notes and attaching options to entities associated with Thorney Group and directors will be subject to shareholder approval. Beonic has agreed to amend the terms of the convertible note announced on 12 August 2025.
The total issue will be 4,180,000 convertible notes and 8,360,000 attaching options, with 1,450,000 convertible notes and 2,900,000 attaching options issued under ASX listing rule 7.1 without shareholder approval. Noteholders may convert the notes to shares at any time after issue and until 14 days prior to the maturity date at the conversion price of $0.24 with written notice to BEO.
