Skillful Craftsman Education Technology Limited announced a private placement of convertible note for gross proceeds of $10,000,000 on March 8, 2023. The company signed Non-Binding Term Sheet for the transaction. The Note shall be convertible into ordinary shares of par value $1.82 each of the company, upon the terms and subject to the limitations and conditions set forth in the note.

The notes are unsecured and will mature in five years following the issuance, bearing interest at the rate of 7% per annum which shall be payable on the maturity date.