Black Star Petroleum Limited (ASX:BSP) announced that it has entered into a subscription agreement for a private placement of 493 redeemable convertible notes at AUD 1,000 per note for gross proceeds of AUD 493,000 on August 13, 2018. The notes will mature on August 13, 2020. The notes will have a fixed interest rate of 9% per annum and notes will be issued at par. The notes will be convertible into maximum of 379,230,769 common shares at a fixed conversion price of AUD 0.0013 per share subject to company’s’ shareholders’ approval.