Entia Biosciences, Inc (OTCPK:ERGO) announced a private placement of convertible promissory note for gross proceeds of $40,000 on June 11, 2013. The transaction included participation for the whole amount from Philip Sobol, Managing Director of the company. The note will not carry any interest until the maturity date of July 1, 2013. The note is convertible into series A preferred stock at a purchase price of $5 per share, or convert the outstanding note into any other offering currently being presented by the company on or before the note maturity date of July 1, 20 13. The company also issued 10,000 five year warrants with an exercise price of $0.45 per share with maturity at July 1, 2013.

On June 11, 2013, Entia Biosciences, Inc closed the transaction.