Inolife Technologies, Inc. (OTCPK:INOL) announced a non-brokered private placement of unsecured convertible promissory notes for gross proceeds of up to $3 million on June 7, 2017. The notes will bear interest at a rate of 8%, payable annually in arrears, are non-transferable, have a term of 12 months from the closing date. The principal of the notes will be convertible into common shares at a conversion price of $1 per common share. Accrued but unpaid interest will be convertible into common shares at a price per common share equal to the most recent closing price of the company's common shares prior to the delivery to the company of a request to convert interest, or the annual due date of interest. The transaction is expected to close on or about June 30, 2017.