Parazero Limited (ASX:PRZ) announced bridge private placement of third tranche convertible notes for gross proceeds of AUD 500,000 to returning investor Delta Drone SA (ENXTPA:ALDR) on August 20, 2020. The company will receive funding in three tranches with first tranche of AUD 100,000 will be received immediately, AUD 200,000 will be due on September 10, 2020, and AUD 200,000 will be due on October 10, 2020. The notes are convertible into 14,705,882 common shares at a fixed conversion price of AUD 0.034 per share. The conversion of notes will occur on February 23, 2021, is subject to approval of shareholders of the company to be obtained on December 14, 2020.

On the same date, the company has received AUD 100,000 in its first tranche.