Vivid Technology Limited (ASX:VIV) announced a private placement of 61,000,000 common shares at a price of AUD 0.03 per share for gross proceeds of approximately AUD 1,840,000 on December 6, 2018. The transaction will include participation from all the directors of the company for 6,200,000 common shares for gross proceeds of AUD 185,000, subject to conditional approval of shareholders being received at an extraordinary general meeting of the company, which is expected to be held in late January 2019. Shareholder approval is not required for the balance of the private placement. The company will receive the funding in two tranches, completion of the first tranche of approximately 54,800,000 shares to raise approximately AUD 1,650,000 is expected to occur on December 14, 2018. Completion of the second tranche of approximately 6,200,000 shares to raise approximately AUD 185,000, representing the component applied for by the directors of the company, is expected to occur shortly following receipt of shareholder approval at the general meeting, subject to the relevant resolutions being passed.