Asiatravel.com Holdings Ltd (Catalist:5AM) announced that it has entered into a convertible note subscription agreement for private placement of a convertible note for gross proceeds of SGD 10,000,000 on May 16, 2017. The transaction will include participation from returning investor Zhonghong Holding Co., Ltd. (SZSE:000979). The company will issue note at par. The note is convertible into 83,333,333 common shares of the company at a fixed conversion price of SGD 0.12 per share. The note carries maturity date of three years from the date of issuance. The note does not carry any interest. The note is direct, unconditional, unsubordinated, and unsecured. The note is not redeemable. The transaction is subject to shareholders’ approval at its Extraordinary General Meeting to be held on July 21, 2017 and other approvals including any governmental, regulatory and/or corporate approvals. The company will pay expenses of SGD 80,000 and will receive net proceeds of SGD 9,920,000 in the transaction.