E&P Financial Group Limited Raises $12.5 Million through Convertible Notes

E&P Financial Group Limited (ASX: EP1) successfully completed a conditional placement of 125,000 convertible notes, raising $12.5 million. These notes, with a face value of $100 each, will convert into fully paid ordinary shares at a price of $0.52 per share. Additionally, over 12 million free-attaching options will be issued. The funds raised will partly support an off-market equal access buy-back, pending shareholder approval at an extraordinary general meeting on October 24, 2024. A majority of the placement commitments came from EP1 executives and directors, alongside Mercury Capital. Settlement is expected by November 1, 2024, contingent on shareholder approval for the company’s delisting and the buy-back initiative.

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