South Pacific Resources Limited (ASX:SPB) announced a private placement of 750,000 convertible notes issued at a price of AUD 1 per note for the gross proceeds of AUD 750,0000 with Tamarind Classic Resources Limited on October 25, 2017. The company will also issue 10,750,000 unlisted options to the lender exercisable at a price of AUD 0.05 per share till five years from the date of issue. The notes issued have an interest rate of 10% per annum compounded quarterly, accrued payable upon conversion or repayment . The notes issued are not transferable without prior written consent of the company. The notes issued have a conversion price of AUD 0.035 per share. The company will also procure the appointment of two nominees of the lender.