Audio Pixels Holdings Limited (ASX:AKP) announced a private placement of convertible notes for gross proceeds of AUD 5,000,000 on January 5, 2018. The notes carry a fixed interest of 8% per annum payable quarterly in arrears and convertible into ordinary shares at a price of AUD 16.71 per share. The notes will mature on December 31, 2018. The company will issue notes worth AUD 4,500,000 to existing sophisticated shareholders and notes worth AUD 500,000 to new investor, 4F Investments Pty Limited. The participation of 4F Investments Pty Limited is subject to shareholders' approval in next general meeting. On the same date, the company announced that it has received AUD 4,500,000 in its first tranche closing.