ERHC Energy Inc. (OTCPK:ERHE) announced a private placement of convertible debt for gross proceeds of $100,000 from new investor KBM Worldwide, Inc. on April 24, 2014. The notes carry an interest rate of 8% per annum and have a term of nine months. The notes are convertible into shares at 61% of average price of shares for 10 trading days prior to conversion.

The company incurred transaction cost of $10,000 in the transaction.