Carbon Energy Limited announced a private placement of 4,679,911,281 shares at a price of AUD 0.000823 per share for the gross proceeds of AUD 3,851,566.98 and 9,200 convertible notes at a price of AUD 1,000 per note for gross proceeds of AUD 9,200,000 with existing investor Kam Lung Investment Development Company Limited for on July 18, 2017. The notes issued have a maturity date on July 18, 2022. The notes issued are convertible into the shares of the company at any time after one year from the date of issuance till maturity date. The notes are convertible at a price of 125% of the volume-weighted average price of the company’s shares on the ASX In the 20 dealing days immediately preceding the date of closing of the transaction. The notes carry an interest rate of 8% per annum, paid in cash in arrears. The company obtained the approval of the shareholders in its annual general meeting in respect to the transaction.