Merlin Diamonds Limited (ASX:MED) announced a private placement of 5180,000 convertible notes at a price of AUD 1 per note for gross proceeds of AUD 518,000 on October 8, 2018. Each convertible note carries a 10% p.a. interest, 2 year maturity period and convertible into 105,861,113 commons shares at a price of AUD 0.005 per note or the 5 day VWAP, whichever is lower. The notes are issued at par value.