Vango Mining Limited announced a private placement of up to 201,666,666 convertible notes for AUD 0.04959 each for gross proceeds of AUD 10,000,650 on April 1, 2022. The transaction will include participation from new investor Collins St Value Fund, a fund managed by Collins Street Group Pty Ltd, Asset Management Arm, and Collins St Asset Management Pty Ltd. The company will issue convertible note in two tranches. Tranche 1 of 151,250,000 convertible notes for gross proceeds of AUD 7,500,000 (face value AUD 9,075,000) will be issued under the company's existing capacity under ASX Listing Rule 7.1. Tranche 2 of 50,416,666 convertible notes for gross proceeds of AUD 2,500,000 (face value AUD 3,025,000) will be issued subject to shareholder approval by company's shareholders in accordance with the Corporations Act and ASX Listing Rules.

The notes will carry interest rate at 10% per annum and will be payable in advance from their issue date until 24-months after issue (Maturity); and capitalised on their issue date. The notes may be converted by the investor for a conversion price of AUD 0.06 per company ordinary fully paid share into 201,666,666 shares. Immediately upon the subscription for Tranche 1 convertible notes, the Company must pay to Collins St Value Fund an establishment fee of 2.5% or (being a fee of $187,500 offset against Tranche 1 funds of $7,500,000).

The notes are secured and redeemable in nature.