Mintails Limited announced a private placement of 4,857,712 shares at a price of AUD 0.02 per share for AUD 97,154 and 274,613 convertible notes at a price of AUD 1 per convertible note for AUD 274,613 for total gross proceeds of AUD 371,767 on January 23, 2018. The notes will be converted into shares at AUD 0.02 per share. Each note will bear interest at 12% per annum and will be redeemable on or before 12 months from the issue date. The transaction included participation from sophisticated and professional investors. The transaction was approved by the company in its annual general meeting.