Atlas Mara Limited (LSE:ATMA) announced a private placement of secured convertible bonds for gross proceeds of $37,500,000 on April 24, 2018. The transaction will include participation from the returning investor Fairfax Africa Holdings Corporation (OTCPK:FFXX.F) for $16,000,000 and other investors for $21,500,000. The bonds will mature in April 2020 and convertible into shares at the lower price of 2.475 per share and a 10% discount to the 30-day volume weighted average price prior to the maturity date.

The bonds will bear interest at a rate of 7.5% semi-annually and, in the event that shareholder approval for the conversion feature is not obtained, the interest rate will increase retroactively to 9%. Closing of the investment is subject to the finalization of security documentation relating to the UBN shares. In connection with the transaction, Fairfax Africa Holdings Corporation (OTCPK:FFXX.F) will earn a structuring fee equal to 3% of the aggregate proceeds of the debt fundraising approximately $1,125,000 for its role in anchoring and structuring the debt fundraising.