Greenwood Hall, Inc. (OTCPK:ELRN) announced that it has entered into a loan and security agreement for a private placement of promissory notes with Moriah Education Management, LLC for gross proceeds of $3,500,000 on October 14, 2016. The notes were issued at par. The notes will mature on October 14, 2018. The company also issued warrants to purchase 8,125,000 common shares at an exercise price of $0.14 per share for a period of five years and warrants to purchase 3,500,000 common shares at an exercise price of $0.12 per share for a period of seven years. The company paid lender $134,750 as closing fees.