Diagnostic Imaging International Corp. (OTCPK:DIIG) announced that it has entered into a securities purchase agreement for a private placement of convertible promissory note for gross proceeds of $300,000 on March 26, 2014. The note will bear interest at 12% per annum and will be payable to the investor at 1% per month. The note will mature on February 28, 2017 and will be convertible into common shares of the company at a conversion price of $0.15 per share. The transaction included participation from accredited investors. The company also issued 300,000 shares to the investor for no additional proceeds. The company will pay $5,000 per month as monthly principal payment in connection with the note which will begin on June 1, 2014. Andrew D. Hudders of Golenbock Eiseman Assor Bell & Peskoe LLP acted as the legal advisor to the company. The company has agreed to pay all transfer agent fees, stamp taxes, and other taxes and duties levied in connection with the delivery of the securities to the investor.

On March 26, 2014, Diagnostic Imaging International Corp. closed the transaction.