Sayona Mining Limited (ASX:SYA) announced that it has entered into convertible securities agreement with new investor Obsidian Global Partners, LLC of convertible notes of face value AUD 1.60512 ($1.10) issued at a price of AUD 1.4592 ($1) for gross proceeds of AUD 2,750,000 on January 10, 2020. The notes will not accrue any interest and has a 12 month maturity date. The notes will have a conversion price that is lesser of 90% lowest trading volume weighted average price during the 10 trading days prior to the conversion notice date and a fixed conversion price of AUD 0.015. The transaction will completed in three tranche and initial tranche is for AUD 1,000,000. The company may elect to issue additional convertible notes for additional gross proceeds of AUD 1,750,000 in two separate tranches subject to shareholder approval for issue of additional notes. The company must seek shareholder approval to cancel and replace or re-issue the notes issue in initial tranche within 60 days from the issue. If the shareholder approval is not obtained, the notes issue in initial tranche will mature in 90 days from the date of issue and company must redeem the notes at 110% of the face value. The maximum number of shares that the notes issue in initial tranche can convert into 129,523,109 shares.