Location Based Technologies, Inc. (OTCBB:LBAS) announced a private placement of unsecured convertible promissory notes for gross proceeds of $150,000 on November 1, 2012. The round will see participation from two board members, Dave Meyers and Charles Smith each of whom will subscribe notes for gross proceeds of $100,000 and $50,000. The notes bear an interest of 10% per annum and will be exercisable at $0.20 per share for a period of one year from issuance. The notes will mature on November 1, 2013.

On November 1, 2012, Location Based Technologies, Inc. closed the transaction.