Heron Resources Limited (ASX:HRR) announced a private placement of convertible notes for gross proceeds of AUD 52,000,000 on October 4, 2019. The transaction will include participation from returning investors Greenstone Resources LP; a fund managed by Greenstone Capital LLP, Castlelake, L.P., and Orion Mine Finance. The notes will carry an interest rate of 12.5% +3 month US LIBOR per annum. The maturity date of notes is December 31, 2024, with conversion permitted at any time upto maturity at a conversion price of AUD 0.25 per share. The notes have an upfront fee of 2%. The transaction is subject to shareholders approval in the general meeting to be held around early December 2019.