Vivid Technology Limited (ASX:VIV) announced that it has entered into a convertible loan agreement for gross proceeds of AUD 2,000,000 with various sophisticated investors on September 27, 2018. The company has received the commitment of AUD 1,300,000. The board has approved to extend the facility to a maximum limit of AUD 2,000,000 if other lenders are identified. The note is convertible into common shares of the company at a conversion price lesser of AUD 0.125 or greater of the volume weighted average price over a period of twenty days prior to and including the conversion date less a discount of 15% or the floor price of AUD 0.05. The bonds carry an interest rate of 11% payable per annum.