GI Dynamics, Inc. (ASX:GID) announced that it has entered into non-binding term sheet for a private placement of 52,676,538 convertible series A preferred stocks at an expected price of approximately $0.1756 per share for gross proceeds of $9,250,000 led by returning investor Crystal Amber Fund Limited (AIM:CRS), a fund managed by Crystal Amber Asset Management (Guernsey) Limited on July 20, 2020. The transaction will close in two tranches. The first tranche will close for $4,250,000 in the middle of August 2020, which includes participation from Crystal Amber Fund Limited (AIM:CRS), a fund managed by Crystal Amber Asset Management (Guernsey) Limited. The remaining $5 million will be initially offered to existing as well as new investors. Crystal Amber Asset Management (Guernsey) Limited will purchase any shares not subscribed for by other investors, up to the entire $5,000,000, on or before October 31, 2020.