On March 29, 2019, Metminco Limited (ASX:MNC) closed the transaction. The company issued 306 convertible notes at a price of AUD 3,000 per note for gross proceeds of AUD 918,000. Each note will be convertible into fully paid ordinary shares of the company in two tranches; shares resulting from the conversion of 115 convertible notes of first tranche will be convertible at a price of AUD 0.003 and shares resulting from the conversion of remaining 191 convertible notes of second tranche will be convertible at a price of AUD 0.003, upon successful completion of the proposed merger and in event merger becomes incapable of completion, the conversion price for the convertible notes will reduce to AUD 0.002.