On December 1, 2017 SeaDragon Limited (NZSE:SEA) closed the transaction. The company issued 1,000,000 notes at NZD 1 per note for gross proceeds of NZD 1,000,000 in its final tranche. The notes are convertible into shares at NZD 0.008 per share till September 28, 2018.

Interest will accrue on the outstanding notes at 12% per annum, reducing to 7.95% once shareholders have granted any required approvals to the conversion to equity.