MelodyVR Group PLC (AIM:MVR) announced that it has entered into an investment agreement with new investor Nice & Green SA for a private placement of 648 convertible loan notes at a price of £10,000 each for gross proceeds of £6,480,000 on February 8, 2021. The loan notes will be subscribed for by the investor in 12 tranches of £540,000, each tranche not to be more than 21 days apart, during the course of the commitment period. The loan notes will be convertible into ordinary shares and will have a conversion price calculated with reference to 93% of the lowest daily VWAP during the 6 trading days immediately preceding the date of notice of conversion. The company has the option to redeem the loan notes at its absolute discretion in cash at a 3% premium to their nominal value. In addition, the investor will receive a commitment fee equal to 5% of the principal amount of each tranche of loan notes subscribed. No interest will be payable on the loan notes.