HeraMED Limited announced a private placement of 2,392,047 Unlisted Convertible Notes at a price of AUD 1 and a face value of AUD 1 for the gross proceeds of AUD 2,392,047 on October 18, 2021. The transaction will include participation from both existing and new institutional investors. The company will issue 26,578,300 and 1,000,000 unlisted options at exercise price of AUD 0.3 expiring on November 30, 2023. The interest on the securities id 10% per annum and notes will mature 6 months from date of issue i.e., April 25, 2022. Conversion price on Qualifying Financing or Exit will be at the lesser of AUD 0.20 or a 15% discount to the relevant event and subject to a floor of AUD 0.09 cents per share. The Notes automatically convert if the Company receives AUD 4.0 million or more on or before the maturity date, the principal amount of each Note and all interest due will automatically convert into fully paid ordinary shares into the Company. On conversion of the Notes, investors will receive 1 option for 2 Shares issued, exercisable at AUD 0.30 with a two year expiry from the date of issue. If these Notes remain unconverted at maturity they will convert automatically at a 25% discount to the 5 VWAP at that time with capitalized interest paid in additional shares at the conversion price of the Notes. Investors will also receive a 1:1 2 years unlisted option at a 200% premium to the conversion price. A Note will not be capable of conversion to the extent that it would result in the Noteholder and its Associates holding a Relevant Interest in more than 19.99% of the issued Shares (or such other limit prescribed by section 606(1)(c)(i) of the Corporations Act from time to time), or if the Company would be in breach by of any applicable Law as a result of such conversion. The transaction is expected to be closed on October 25, 2021. The transaction has been approved by board of directors and is subject to approval at General Meeting of shareholders which is to be held on November 30, 2021.