Excite Raises $2.1 million Through Convertible Notes to Drive Growth

Highlights:

• Capital injection secured: Excite Technology Services Limited (ASX: EXT) raised $2.1 million through the issue of convertible notes to institutional investors.
• Investor confidence: Continued support from Belgravia Strategic Equities Pty Ltd underscores strong backing for Excite’s growth strategy and operational plans.
• Shareholder-friendly terms: Notes carry a 10% annual interest rate and convert at $0.01 per share — a 30% premium to the previous closing price — with additional options to incentivise investors.

Excite Technology Services Limited (ASX: EXT) has successfully secured $2.1 million in new funding through the issue of convertible notes to a select group of institutional investors. At the time of writing, this strategic capital raise highlights investor confidence in the company’s growth plans and strengthens its balance sheet during a pivotal stage of its development.

Strengthening Investor Support

The funding round includes continued backing from Belgravia Strategic Equities Pty Ltd, demonstrating strong institutional confidence in Excite’s long-term vision. The company stated that the proceeds will be directed toward key initiatives such as restructuring its cost base and implementing operational improvements designed to help achieve cash flow break-even. Management emphasised that the fresh funding provides the flexibility needed to execute its turnaround plan while maintaining focus on sustainable growth.

Flexible Capital Structure
Excite chose a convertible note structure to ensure minimal dilution for existing shareholders while accessing much-needed capital. The notes are unsecured, carry a 10% annual interest rate (capitalised quarterly), and can be converted at the noteholders’ discretion at $0.01 per share—a price representing a 30% premium to the company’s previous closing price.For every two shares issued upon conversion, one option will be granted with an exercise price of $0.012 and a 36-month expiry period, providing additional potential upside for investors.

Strategic Outlook

Excite said that Belgravia’s continued participation reflects strong support for its strategic direction and operational priorities. The company plans to release a full strategic update, including upcoming management changes, in the near future. This capital raise marks a significant step for Excite as it works to improve operational efficiency, stabilise its financial footing, and position itself for sustainable growth.

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