Greenfield Farms Food, Inc. (OTCPK:GRAS) announced that it has entered into a material definitive agreement with an existing investor Carebourn Capital, L.P. for the private placement of a convertible promissory note for gross proceeds of $243,100 on December 30, 2016. The note carries a fixed interest of 12% per annum. The note requires daily payments of principal and/or interest of $600. Any amount of principal or interest on this note that is not paid following an event of default pursuant to the terms of the note shall bear interest at the rate of 22% per annum until the same is paid. The conversion price shall be 40% multiplied by the market price; being the average of the lowest trading price for the common stock during the 20 trading day period ending on the latest complete trading day prior to the conversion date. The obligations under the note are secured. The note will mature on December 30, 2018. The note has a principal amount of $279,565 and is issued at a discount of $36,465. The company received net proceeds of $234,600 in the transaction. The company paid $8,000 as the transaction expense amount and $500 as the legal fee.