Notis Global, Inc. (OTCPK:MDBX) announced a private placement of 8% convertible subordinated promissory note for gross proceeds of $25,000 on March 10, 2016. The transaction included participation from Ned L. Siegel, chairman of the company's board. The note carries a fixed interest rate of 8% per annum.

The company issued warrant, exercisable for a period of three years from the date of note, to purchase an amount of company common stock equal to 50% of the principal sum under each of the siegel notes. The exercise price of the warrants is $0.02.