Be Heard Group plc (AIM:BHRD) announced a private placement for gross proceeds of £6,184,000 on November 9, 2017. The company issued not less than 78,000,000 new common shares at a minimum issue price of £.028 per share for proceeds of £2,184,000 and convertible loan notes for proceeds of £4,000,000 in the transaction. The transaction is being conducted through an accelerated bookbuild process. The transaction may involve participation from certain directors of the company. The placing of shares is conditional upon the passing of resolution 1 at the general meeting and the subscription for the convertible loan notes having been completed. The convertible loan notes shall become redeemable on 29 November 2021 and will be extendable by two 1-year periods. The note holders may convert the loans into ordinary shares at a conversion price of £.035 in minimum tranches of £50,000. The interest on the notes shall accrue at 8% per annum during the initial term and 10% per annum during extension period. The issue of the notes will not proceed unless the placing agreement becomes unconditional in all respects.