Simavita Limited (ASX:SVA) announced a private placement of secured convertible debt notes for gross proceeds of AUD 3,000,000 on May 10, 2019. The transaction will involve participation from professional and sophisticated investors. The funds will be received in three tranches, AUD 50,000 in tranche one, over AUD 1,500,000 in tranche two, upon approval of the note terms at a special general meeting, upto AUD 1,000,000 , upon the completion of CE Mark registration of AlterPLUS whic is to be before November 1, 2019, together with confirmation of written agreements sufficient magnitude to evidence the required market interest in AlertPLUS. The notes are subject to chess depository interest holder approval at a special general meeting to be convened in June 2019, are proposed to be convertible into chess depository interests in the company. The transaction will also involve participation from members of the board of directors including Michael Spooner and Gary Pace, subject to prior chess depository interest holder approval at a special general meeting, personally each invest AUD 50,000 in this financing. On the same day, the company received AUD 500,000 in its first tranche closing.