CannaSys, Inc. (OTCPK:MJTK) announced that it has entered into a securities purchase agreement for private placement of an 8% convertible promissory note for gross proceeds of $50,000 on August 16, 2017. The note will be issued at a discount of 9.090909% for aggregate proceeds of $50,000 and will be subscribed by new investor BNA Investment Capital, LLC. The note accrues interest at the rate of 8% per annum. The notes will be issued in tranches of $50,000 each, with additional tranches in the sole discretion of the accredited investor pursuant to exemptions provided under Regulation D. The maturity date for each tranche issued will be 12 months from the effective date of issuance. The conversion price shall be equal to the variable conversion price, which shall mean 50% multiplied by the market price that is the lowest trading price for the common stock during the 15 trading day period ending on the last complete trading day prior to the conversion date. The transaction did not have participation from underwriters, and no commission or other remuneration will be paid or given directly or indirectly in connection with the round. The original issue discount of $25,000 to cover the investor’s accounting fees, due diligence fees, monitoring, and other transactional costs incurred in connection with the purchase and sale of the note, will be included in the principal balance of the note.