aibioBCAL Diagnostics details convertible note draws under its $10 million facility
Tickers BDX
After raising $3.1 million by February, BCAL drew further notes and plans more, which use up its Listing Rule 7.1 capacity.
Key facts
- Company
- BECTON DICKINSON & CO (NYSE: BDX)
- News type
- Debt Financing
- Primary source
- BCAL Diagnostics Limited release (2026-08-21)
BCAL Diagnostics Limited (ASX: BDX), an Australian early cancer detection company, published an update on 21 August 2026, at the request of the ASX, with further disclosures about its convertible note facility. The update follows an announcement of 29 June 2026 headed "BCAL Secures Funding for FY2027". It sets out how much of the $10 million facility has been drawn and how much of the company's share issue capacity the drawings use up.
The facility
BCAL announced the facility on 21 October 2025, and shareholders approved it at the annual general meeting on 28 November 2025. The approval required the notes to be issued within three months. The notes are partly paid, with a face value of $1.00 each and minimum payment calls of $0.20. Payment calls can be made until 31 August 2026. The notes mature two years from their issue date unless extended, carry interest of 10% per annum capitalised annually, and are unsecured. They give no voting rights until converted.
Holders may convert at maturity or on early repayment at a discount to the 28-day volume-weighted average price: 20% within one year of issue and 25% after one year. The minimum conversion price, set at the first issue date and applying to all future issues, is $0.096459. The maximum is A$0.30. If a holder cannot convert because its relevant interest in the company would exceed 20%, maturity for that part extends by six months at 15% per annum. The company may prepay 50% or 100% of the notes, subject to holders' conversion rights. The announcement adds that no noteholder can convert without the company's consent.
What has been drawn
BCAL issued 3,100,000 convertible notes within the three months ending 28 February 2026, raising $3.1 million. Those issues carry the effective dates 17 December 2025 and 29 January 2026. It then drew $1 million on each of 25 March, 10 June and 14 August 2026. A further $1.5 million is planned and committed before 31 August 2026, which would take the notes drawn to 7,600,000.
Notes drawn after 28 February 2026 without shareholder approval reduce the company's Listing Rule 7.1 capacity. The company's table counts 10,367,099 conversion shares for each $1 million drawing and 15,550,648 for the planned $1.5 million. Capitalised interest adds 2,027,062 shares to 30 June 2026, on $5.1 million with interest of $196,493, and 2,032,376 more to 31 December on the $7.6 million drawn. Total share issue capacity utilised comes to 50,711,383. The company adds that if all 7,600,000 notes were converted at 31 December 2026, the extra capitalised interest from 1 July 2026 would be $292,500.
The company says it will not draw the remaining $2.4 million of notes unless and until shareholders approve and issue capacity is refreshed at the FY2026 annual general meeting, expected on or around 15 October 2026.
Who is lending
The notes are being issued to professional and sophisticated investors identified by the directors within their professional investor networks. Capital Property Corporation Pty Ltd, a substantial holder, proposes to take part. The announcement says no securities will go to related parties, key management, substantial holders other than Capital Property or advisers where the holding would exceed 1% of issued capital, and none to an investor who would end up above 19.9% without further shareholder approval. It names no single lender, placement agent or adviser.
The stated purpose is product commercialisation and working capital. The update gives no revenue, loss or cash figure, so it does not show how long the money lasts.
The company
BCAL describes itself as an Australian health care company engaged in early cancer detection. Its first test, BREASTESTplus, is a rule-out test used with mammography for women with dense breasts. BCAL also holds an exclusive licence from ClearNote Health Inc., a US precision diagnostics company, for the Avantect Pancreatic, Avantect Ovarian and Avantect multi-cancer blood tests in Australia and New Zealand.