Belgravia has activated the second tranche of funding

Excite Technology Services Limited (ASX: EXT) announced that Belgravia Group, via G & N Lord Superannuation Pty Ltd, has exercised its option to invest an additional AU$ 1 million in Excite through a convertible note. This marks the final tranche of investment under the agreement announced on 25 March 2024.

The funds will support Excite’s strategic initiatives to boost customer acquisition, revenue growth, and profitability. The convertible note carries a 10% annual interest rate, capitalized quarterly, and can be converted into shares at 1c per share, subject to shareholder and regulatory approval. One option with a 1.2c strike price will be granted for every two shares issued. Alternatively, the note may be redeemed in cash. The notes expire on 18 December 2027, providing flexible funding for Excite’s growth plans.

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