Raven Energy Limited (ASX:REL) announced a private placement of convertible notes for gross proceeds of up to AUD 2,200,000 to institutional and sophisticated investors on February 19, 2018. The transaction includes participation from Nathan Featherby, Executive Chairman of the company for AUD 250,000. The notes will carry a coupon rate of 10% per annum via the issue of the shares at the five trading day volume weighted average price prior to issue with maturity of 12 months and conversion price of $0.00176 (AUD 0.00222) per share. Any conversion of the convertible notes will be subject to shareholders first providing approval to the issue of shares.