InterMetro Communications Inc. (OTCPK:IMTO) announced a private placement of convertible promissory notes on August 14, 2013. The note will bear interest at 6% per annum and will be convertible into common shares of the company. The company also issued warrants in the transaction.

On September 26, 2013, InterMetro Communications Inc. closed the transaction. The company received $435,000 in the transaction from four different unrelated third-parties. The company issued four different notes in the transaction. The notes will be convertible into 14,808,176 common shares. The company also issued 8,000,000 warrants in the transaction. The warrants will have an average exercise price of $0.036 per share and will expire on November 18, 2013, December 18, 2013, January 18, 2013, and August 14, 2018.