Kitchen Culture Holdings Ltd. (Catalist:5TI) announced a private placement of senior, direct, unconditional, unsubordinated, and unsecured convertible notes for gross proceeds of up to SGD 28,000,000 on January 3, 2017. The notes will be issued at par. The notes will carry a fixed interest rate of 6% per annum and will mature after 24 months from the date of issue. The company shall redeem the notes on the maturity date. The notes shall be redeemed at 100% of their principal amount, together with any unpaid accrued interest. The notes are convertible into fully paid-up new ordinary shares in the capital of the company. The notes issue price for each tranche of the notes shall be; the amount of $5,000,000 (SGD 7,000,000) or, at the election of the investor, the amount equal to one-sixth of the aggregate $ value of all shares traded on Catalist in the 20 days on which the SGX-ST is open for securities trading immediately preceding the applicable subscription date, provided always that the aggregate of the notes issue price for all the notes shall not be more than $20,000,000 (SGD 28,000,000). The company entered into a subscription agreement with Crede CG III, Ltd. The company will incur issuance expenses of SGD 100,000 and will receive net proceeds of SGD 27,900,000. The transaction will take place in up to four tranches. The transaction is subject to the approval of the shareholders of the company and all applicable governmental and regulatory approvals required in connection with the transaction. The conversion was made as per the exchange rate mentioned in the filing.