Looks like the "sophisticated and professional investors" think...

Looks like the "sophisticated and professional investors" think 10c is a very good price so today's 7.8c has a way to go

$700,000 ISSUE OF CONVERTIBLE NOTES
Nagambie Resources Limited (ASX: NAG) is pleased to announce that it has received firm commitments from sophisticated and professional investors for the placement of 7,000,000 Series 7 unsecured convertible notes with a face value of $0.10.
An Appendix 3B will be lodged with the ASX upon the issue and allotment of the convertible notes.The funds raised will be used for gold exploration and add to theCompany’s working capital.
Principal terms for the Series 7 unsecured convertible notes include:
Issue price of 10.0 cents per note;
5-year term;
10% per annum interest rate payable every 6 months;
Notes are convertible at any time within the 5-year term at the option of the noteholder into Nagambie Resources fully-paid ordinary shares on a 1 for 1 basis;
andNotes are redeemable at 10.0 cents per note after 5 years if not previously converted.

When the offer price of 10.0 cents for the Series 7 convertible notes was set, the ASX trading price for the fully paid ordinary shares was 6.5 cents. That is, the issue price for the notes was set at a 54% premium to the share price.

Mike Trumbull
Executive Chairman