Ephraim Resources Limited announced that it has entered into binding term sheets with individual investors Ms Ng Lee Yun and Ms Wong Hei Eng in respect to the issue of 250,000 convertible notes at a price of AUD 1 per convertible note for gross proceeds of AUD 250,000 on July 10, 2018. Each note is convertible into fully paid ordinary shares in the capital of the company at a conversion price per ordinary share which is a 30% discount to the price per ordinary share issued pursuant to the transaction. Thew note carries a fixed interest rate of 10% per annum. The conversion price is subject to a minimum conversion price of AUD 0.20 per ordinary share.