VIP Gloves (ASX:VIP) received approximately AU$1 million as a short-term, interest-free loan under a letter of agreement, which will convert to placement shares once the Company's securities are reinstated on the Australian Securities Exchange (ASX), according to a Friday filing with the Australian bourse.

The placement is set to raise AU$1 million via the placing of 288 million shares at AU$0.008 apiece, the filing said.

If the placement shares are not issued within three months, the loan must be repaid in full, the filing said.

The Company notes that subject to the final ASX determination on Feb.10, VIP Gloves may be delisted from the ASX official List.