Simavita Limited (ASX:SVA) announced a private placement of secured convertible notes for gross proceeds of AUD 2,300,000 on December 23, 2020. The transaction will include participation from professional and sophisticated investors. The notes carry interest rate of 5% per annum, with all the interest payable upon the earlier of conversion, redemption or the maturity date. The notes will mature on February 28, 2021 and are non transferable. The convertible notes may be converted at any time, and will automatically convert into CDIs upon the shareholders approving the resolution to delist the company from the ASX. The conversion price shall be determined as follows upon the shareholders approving the resolution to delist the company from the ASX the conversion price is the lower of AUD 0.013 or the 5 day VWAP prior to the delisting date, where a Noteholder elects to Convert, the conversion price is the lower of AUD 0.013 or the 5 day VWAP prior to conversion date or upon the maturity date the conversion price is equal to AUD 0.0003. The notes are subject to chess depositary interests holder approval at a special meeting to be convened, are proposed to be convertible into CDIs in the company.