Vivid Technology Limited (ASX:VIV) announced that it will receive AUD 1.63 million in a round of funding from sophisticated investors on March 21, 2019. The company will issue secured convertible loan facility in the transaction. The repayment date is 24 months from the tranche date. The loan may be converted into common shares. The conversion price is higher of the issue price for a Qualifying Capital Raise, being a capital raising of shares or share-related securities by the company of at least AUD 5,000,000 in a single or a series of connected raisings or the floor price of AUD 0.02. The loan will carry an interest rate 10.00% per annum with interest deferred to 30 September 2019. The guarantors in the transaction include Vivid Industrial Pty Ltd, LED Distribution Network Pty Ltd, Ilum-a-Lite Pty Ltd and and other subsidiaries of the company. The transaction was approved by the board of directors of the company. On the same date, the company received AUD 0.575 million in its first tranche. The company expects to close the transaction by May 31, 2019.