Advanced Braking Technology Limited (ASX:ABV) announced a private placement of 11,700,000 unsecured unlisted redeemable convertible notes at a price of AUD 0.02 per convertible note for gross proceeds of AUD 234,000 on January 15, 2019. The notes are issued at par having a face value of AUD 0.02. Notes bear an interest rate of 15%, paid in arrears on March 31, June 30, September 30, December 31, 2019. The maturity date of bonds is June 30, 2019.The notes are convertible into fully paid ordinary shares at a conversion price of AUD 0.02 per share. Each noteholder will have the right to apply to extend the term by a further six months by providing no less than 14 days before maturity date. The transaction included participation from sophisticated, experienced, and professional investors.