MineralRite Corporation (OTCPK:RITE) announced that it has entered into a convertible note purchase agreement for a private placement of convertible promissory note having a principle amount of $77,778 to be issued at a 10% discount for gross proceeds of $70,000.8 with new accredited investor, River North Equity, Inc. on January 10, 2015. The note carries a fixed coupon of 6% per annum and would mature in one year. The note is convertible into common shares at a 50% discount to market at any time beginning 180 days from the date of issuance until maturity. The purchase price shall be set at seventy percent 70% of the lower of the average closing bid price during the 10 trading days preceding the draw down notice delivery date or the closing price on the date the draw down notice is delivered to the investor, in each case subject to adjustment for reverse splits. As part of the transaction, any amount of principal or interest on this note, which is not paid when due, shall bear interest at the rate of 16% per annum from the due date thereof until the same and shall be subject to a partial penalty at the rate of 5% on the outstanding principal and accrued interest under this note.

On January 10, 2015, MineralRite Corporation closed the transaction.