Arowana International Limited (ASX:AWN) announced a private placement of 5,925,000 redeemable convertible notes at a price of AUD 0.60 per note for gross proceeds of AUD 3,555,000 on February 10, 2020. The transaction will include participation from family offices and other professional and sophisticated investors. The notes will have a coupon rate of 8% per annum, payable quarterly. The notes will have maturity period of 36 months from date of issuance and will mature on February 12, 2023. The notes are convertible into 23,700,000 ordinary shares, having an option to redeem at face value in cash after 31 December, 2020 within specified, bi-annual redemption windows by the holder and redeemable at the face value in cash, at a 10% premium, after 31 December, 2020 within specified, bi-annual redemption by the company. The expected closing date of the note is on or around, February 12, 2020. The company will pay 5% commitment fees pursuant to the transaction.