Varangis Avepe S.A. (ATSE:VARG) announced a private placement of 74 convertible registered denomination bonds at a price of €100,000 per bond for gross proceeds of €7,400,000 on December 19, 2016. The transaction included participation from 3 investors. The bonds will bear a fixed interest rate of 5% per annum, payable semiannually. The bonds are convertible into shares at a fixed conversion price of €0.32 per share. The bonds will have a maturity period of 4 years.