Symbol Mining Limited (ASX:SL1) announced that it has entered into a term sheet with a United States based investment firm for a private placement of unsecured convertible note for gross proceeds of AUD 1,000,000 on December 19, 2018. The notes is convertible into shares at a conversion price of AUD 0.25 per share. The note have a face value of AUD 1,100,000 and is issued at discount of 9%. The note have a 12-month term and are repayable in cash with a 10% premium to the face value or in shares at a 10% discount to the VWAP in the 5 prior trading days. The transaction is subject to all requisite regulatory and shareholder approvals. The convertible note will be provided in two equal tranches and is subject to the parties completing due diligence and entering into formal documentation incorporating provisions and commercial terms customary to a convertible note facility of this nature.