Company: AEHL
Filing Date: 2025-08-05
Form Type: 20-F/A
Source: 0001641172-25-022290
Chunk: 189

Company: Antelope Enterprise Holdings Ltd
Filing Date: 2025-08-05
Form: 20-F/A
Chunk 189
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630,000 (the “Note”). The Note
bears interest at a rate of 16% per annum. All outstanding principal and accrued interest on the Note will become due and 9 months
after the purchase price of the Note is delivered by Investor to the Company (the “Purchase Price Date”). The Company may
prepay all or a portion of the outstanding balance of the Note prior to its maturity date.

| F-40 |

Global Pacific Securities US Inc. (“Global Pacific”)
has acted as the lead advisor of the Company for the transaction contemplated in the 2024 Note Purchase Agreement, and the Company agreed
to pay Global Pacific a cash fee equal to three percent (3%) of the gross proceeds and to reimburse Global Pacific for its accountable
expenses up to $30,000 and to issue to Global Pacific restricted Class A ordinary shares of the Company (“Share Compensation”),
in an amount equal to 7.5% of the gross proceeds. On February 2, 2024, the Company issued 193,994 restricted Class A ordinary
shares (pre-reverse split) to Global Pacific. The fair value of 193,994 Class A shares (pre-reverse split) was $347,250.

Under the 2024 Note Purchase Agreement, Weilai Zhang,
our CEO and Chairman of the board, agreed to enter into a share pledge agreement with the Investor, on January 25, 2024 (the “Pledge
Agreement”), to pledge all Class B ordinary shares of the Company, no par value (“Class B ordinary shares”) owned by
him, including any additional Class B ordinary shares issued to him while the Note is outstanding, and any proceeds thereof to secure
the Company’s payment and performance of any and all obligations, liabilities and indebtedness of the Company to the Investor pursuant
to the terms of the 2024 Note Purchase Agreement.

During the year ended December 31, 2024, the Company recorded $ 767,922interest expense on this Note. As of December 31, 2024, the outstanding principal balance of this note was $ 4,630,000.

Unsecured Promissory Note in September 2024

On September 25, 2024, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser an unsecured Promissory Note of $ 990,000, for $ 886,000in gross proceeds. The Note included an original issue discount