June 1 (Reuters) - American Pacific Borates Ltd ABR.AX :
* BINDING TERM SHEET SIGNED FOR US$30M CONVERTIBLE NOTE
* NOTE CAN CONVERT TO SHARES AT HEADLINE SHARE PRICE OF A$1.00/SHARE
* TRANCHE PLACEMENTS COMPLETED TO RAISE A$31.2M AT A$0.60 PER SHARE
* TOTAL FINANCING SECURED OF A$77 MILLION BEFORE COSTS
* ALL FUNDS TO BE USED FOR CONSTRUCTION OF PHASE 1A OF FORT CADY BORATE MINE