Austpac Resources N.L. (ASX:APG) announced that it has signed an investment agreement for private placement of convertible securities with par value of AUD 1 per security for gross proceeds of AUD 1,000,000 from Bergen Global Opportunity Fund II LLC, a fund managed by Bergen Asset Management, LLC on January 11, 2018. The converting securities shall be unsecured, convertible into new ordinary shares and not bear any interest. AUD 50,000 will be invested on execution of the agreement and an additional AUD 500,000 invested 90 days after the execution of the agreement. The security will have a 24 month maturity. The converting securities will be convertible into new shares of the company determined by dividing the principal amount by, at the election of the holder by 90% of the average of five daily VWAPs per share during a specified period prior to the conversion date of the converting security; or 130% of the average of the daily VWAPs per share during the 20 trading days prior to 10 January 2018. On the same day, the company issued 578,000 converting securities for gross proceeds of AUD 578,000 in its first tranche closing. The investor also received of 16,498,316 shares of the company as the commencement fee.