Parazero Limited (ASX:PRZ) announced a private placement of 10,706,666 shares at a price of AUD 0.06 per share for an aggregate gross proceeds of AUD 642,400 on October 24, 2019. The company will also issue together with a right to one free attaching unlisted option to acquire a share for every 10.78 shares. The transaction included participation from institutional and sophisticated investors. The transaction will be completed in two tranches. The first tranche will consist of 10,219,999 shares together with a right to one free attaching unlisted option to acquire a share for every 10.78 first tranche shares which will be issued on November 1, 2019. The second tranche, being subject to shareholder approval at a general meeting of the company to be held on or about 20 December 2019. The second tranche will consist of 486,667 shares together with one free attaching unlisted option to acquire a share for every 10.78 second tranche shares. Second tranche will include participation from the company's chief executive officer subject to shareholder approval at the company’s general meeting. The free attaching unlisted options being issued under both tranches, are to have an exercise price of AUD 0.09 and an expiry date of five years from the date of issue.