Fremont Petroleum Corporation Limited (ASX:FPL) announced a private placement of 214,285,713 convertible notes at a face value of AUD 0.007 each for gross proceeds of AUD 1.5 million on November 13, 2019. The convertible notes have a maturity date of 4 months from the issue date. The notes carry an interest of 1.5% per month calculated daily and compounding monthly. The conversion rate is calculated as face value of the convertible note plus accrued interest if elected to be converted by the note holder divided by AUD 0.007. The note holder may at its option convert all or some of the convertible notes held and at the election of the note holder, any interest that has accrued in respect of those convertible notes at the maturity date. Subject to the ASX Listing Rules, the ASX Settlement Operating Rules and the Corporations Act 2001, the convertible notes are transferable at any time.