Sky and Space Global Limited (ASX:SAS) announced that it has entered into $1.1 million convertible loan agreement with Telefox Ltd. on May 16, 2019. The convertible loan will carry interest rate of 24% per annum. The convertible loan will mature after one year of the payment of the principal amount minus initial interest. The loan can be convertible at any time at the option of lender into fully paid ordinary shares if the company prior to repayment of loan. Conversion price will be decided on basis of average closing price of common shares. Conversion will be made at discount of 5%.