Fatfish Group Limited (ASX: FFG), a tech venture firm with interests in fintech and gaming, has announced an agreement with Arena Investors LP to refinance existing debt and secure an additional drawdown. The company, which builds ventures across Southeast Asia and internationally, will refinance $5.67 million of existing debt and draw an additional $0.15 million. Arena Investors was already a financier to Fatfish Group, with the existing debt originating from an agreement in 2018.
Under the agreement, Arena will provide immediate financing of $75,000 to Fatfish through the issue of Convertible Notes (First Tranche). Subject to shareholder and regulator approval, the existing $5,662,950 owed to Arena will be converted into new Convertible Notes (Second Tranche). A further $75,000 in new financing will also be provided by Arena, also via Convertible Notes (Third Tranche), subject to approvals. These tranches collectively form the New Arena Convertible Notes.
The First Tranche Convertible Notes are slated for issuance within days, utilising the company’s ASX Listing Rule 7.1 capacity. Issuance of the Second and Third Tranche Convertible Notes is contingent upon shareholder approval, which Fatfish Group intends to seek at an Extraordinary General Meeting scheduled for early 2026.
The floor conversion price for the New Arena Convertible Notes is set at $0.0035 per share. These notes will be secured against Fatfish Group’s assets, and Arena will gain the right to nominate a director to the company’s board. Fatfish Group has received advice from Hamilton Locke, confirming the financing is on market standard terms and complies with ASX guidance.
