Ecosphere Technologies, Inc. (OTCPK:ESPH) announced that it has entered into a securities agreement for a private placement of one 10% secured convertible promissory note with existing investor, Brisben Water Solutions LLC at $500,000 per note for gross proceeds of $500,000 on June 3, 2016. The note will bear interest at a fixed rate of 10% per annum. The note was issued at par. The note is convertible into common shares at a fixed conversion price of $0.115 per share. The note will mature on December 15, 2017. The company also issued 8,695,652 warrants to purchase common shares at an exercise price of $0.045 per share until June 3, 2021. The note is secured by prior collateral and its Ozonix patents, except for all agricultural uses. The company issued securities pursuant to exemption provided under Regulation D.