Fatfish Group (ASX:FFG) has secured a refinancing of its existing debt and an additional $0.15 million in funding after entering into an agreement with Arena Investors LP.
Under the arrangement, Arena will refinance the company’s $5.7 million outstanding debt and provide further funding through the issue of new convertible notes.
Arena will advance an immediate $75,000 via a first tranche of convertible notes, while the existing $5.7 million owed will be applied as a subscription for a second tranche of notes, subject to shareholder and regulatory approvals.
A further $75,000 will be provided under a third tranche, also subject to approvals.
The first tranche is expected to be issued in the coming days under ASX Listing Rule 7.1 capacity, with shareholder approval for the remaining tranches to be sought at an extraordinary general meeting planned for early 2026.
The new convertible notes carry a floor conversion price of $0.0035 per share, will be secured against the company's assets, and entitle Arena to nominate a director to the board.