Bounty Mining Limited (ASX:B2Y) announced a private placement of secured convertible notes for the gross proceeds of AUD 35,000,000 on August 3, 2019. The transaction will include participation from existing investor Amaroo Blackdown Investments LLC. The will terminate on the second anniversary of the date of issue of the notes, unless the convertible notes are previously redeemed, converted or cancelled. The maturity date can be extended at investor’s election for a further 12 months. The notes carry interest of 10% per annum, in cash or capitalized and compounding quarterly at the company’s discretion for interest accruing during the first 12 months, in cash thereafter. The company capitalizes interest, interest on the capitalized amount will be at 12% per annum. A default interest rate of 15% shall apply on unpaid amounts payable under the terms of the note. The interest can be paid in shares at the election of the investor. The notes are convertible in whole or in part into common shares of the company at a price of AUD 0.09 per share, at the option of investor during the period commencing on the date of issue of the notes and ending on the maturity date of the note facility. The transaction is subject to shareholder approval in general meeting.