Metminco Limited (ASX:MNC) announced that it has received firm commitments for the issue of unsecured convertible notes to raise up to AUD 1 million on March 15, 2019. Each note will be convertible into fully paid ordinary shares of the company in two tranches; shares resulting from the conversion of 115 convertible notes of first tranche will be convertible at a price of AUD 0.003 and shares resulting from the conversion of remaining 219 convertible notes of second tranche will be convertible at a price of AUD 0.003, upon successful completion of the proposed merger and in event merger becomes incapable of completion, the conversion price for the convertible notes will reduce to AUD 0.002. The convertible notes will have a face value of AUD 3,000 each, are interest free and repayable in limited circumstances. The transaction is expected to close by March 22, 2019. The company will issue one free attaching option exercisable at AUD 0.004 within two years from the date of issue for each share issued under the convertible notes. The company has sought shareholder approval for the conversion of the second tranche notes and issue of the options in conjunction with the other shareholder approvals sought for the offering.