Projection technology developer DigiSlide (ASX:DGI) has revealed it has arranged to raise $500,000 by way of a convertible note issue to two financiers.
Under the terms which will be taken to shareholders for approval, the 10 notes will accrue an annual interest of 15% per annum, and be convertible at $0.20 per share. Each of the notes will be issued with an attached 300,000 options exercisable at $0.25.
DigiSlide added that it had arranged with several parties to settle their respective trade accounts, totalling $347,866, in shares.
The issue is the first of a two-stage capital raising initiative, DigiSlide said.