Parazero Limited (ASX:PRZ) announced a private placement of 170,000 convertible notes at a price of AUD 1 per note with gross proceeds of AUD 170,000 on March 18, 2020. The notes are issued at par value. The notes carry zero coupon rate. The notes are redeemable. The notes are convertible into 3,208,334 ordinary fully paid shares. The maturity date of notes is August 3, 2020. The transaction is expected to close on August 3, 2020. The transaction is subject to approval in meeting to be held on June 15, 2020.