Defenx Plc (AIM:DFX) announced that it has entered into an unsecured convertible loan agreement for gross proceeds of €950,000 on October 1, 2018. The transaction will include participation from existing investor BV Tech S.p.A. The loan carries a fixed coupon of 6% per annum payable quarterly in arrears, and any balance of the convertible loan and accrued interest that remains outstanding as at January 1, 2020 will be repayable in full. The loan is convertible into 10,576,238 common shares of the company at a conversion price of £0.08 per share (€0.0901584). The conversion of the convertible loan is conditional on the relevant resolutions being approved at the company's upcoming annual general meeting due to be held on October 31, 2018. On same date, the company has received €150,000 in its first tranche with the remainder being available to be drawn down in full, or in part, 45 days from October 1, 2018.