Ecosphere Technologies, Inc. (OTCPK:ESPH) announced that it has entered into a securities agreement for a private placement of 10% secured convertible promissory note with existing investor, Brisben Water Solutions LLC for gross proceeds of $429,000 on May 4, 2016. The company also issued 13,547,826 five-year warrants to purchase common shares with exercise price of $0.115 per share. The note will bear interest at a fixed rate of 10% per annum. The note is convertible into common shares at a conversion price of $0.115 per share. The note is pre-payable and will mature on December 15, 2016. The notes are secured by prior collateral and its Ozonix patents, except for all agricultural uses. The company issued securities pursuant to exemption provided under Regulation D.