Papyrus lines up US$323.5K in convertible loans to fund fibre push
What's the deal? Papyrus AustraliaDealroom has a profile for this one. Try Dealroom → (ASX: PPY) has secured up to US$323.5K through four unsecured loan agreements with professional and sophisticated investors. The lenders — Maryton Australia, Antanas GuogaDealroom has a profile for this one. Try Dealroom →, the Muchnicki Family TrustDealroom has a profile for this one. Try Dealroom →, and the Roseman Retirement FundDealroom has a profile for this one. Try Dealroom → — will each advance up to US$80.9K on request.
How it works: Interest accrues at 1.5% per month until each loan is repaid or converted. Subject to shareholder approval, the outstanding amounts convert into Tranche 2 Unsecured Convertible Notes at US$0.65 apiece.
Why now? The facility adds to the US$323.5K in investor loans Papyrus disclosed in December 2025, which converted into secured and unsecured convertible notes. The company cannot issue further notes under the earlier unsecured facility but may raise a further US$346.9K in secured notes, pending shareholder approval.
The fine print: The Muchnicki Family Trust is a related party, as it is controlled by a director of L39 CapitalDealroom has a profile for this one. Try Dealroom →, itself a related party of Papyrus. The other three lenders are unrelated to the company.
The middleman: L39 Capital introduced the lenders and will earn a 6% cash success fee on the gross funds raised. Subject to approval, it will also receive 8,333,333 options exercisable at US$0.01, expiring three years from grant.
The signal: At roughly $352,827, this is a modest raise, sitting in the lowest percentiles for deal size. For a small-cap ASX company, stacked convertible loans and broker-driven introductions signal a reliance on incremental, approval-dependent financing to keep operations funded.
Read more: Listcorp
Image credit: Generated with Gemini
