Naked Brand Group Limited (NasdaqCM:NAKD) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note for gross proceeds of $8,000,000 on July 24, 2020. The company also issued a warrant to purchase common shares. The transaction included participation from existing investor, Iliad Research and Trading, L.P., a fund managed by Iliad Management, LLC. The note bear a fixed interest rate of 20% per annum and matures on November 12, 2021. The company may pay legal fees. The note carries an original issue discount of $150,000. The notes are convertible into ordinary shares of the company at issue price of equal to the lower of (x) US$0.44, and (y) 80% of the closing bid price of the Ordinary Shares on the trading day and (B) October 31, 2020. The warrant has an exercise price of $0.6707 per share, subject to adjustment for stock dividends or subdivisions or combinations of the companys ordinary shares, and expires on July 24, 2025. The company shall incur expenses of $20,000 to cover the investor's legal fees, accounting costs, due diligence, monitoring and other transaction costs. The company received funding from 1 investor pursuant to Regulation D.