OrangeHook, Inc. (OTCPK:ORHK) announced private placement of common shares and convertible promissory note for gross proceeds of $16,505,500 on February 28, 2018. The company entered into a material definitive agreement with Midwest Bank (Detroit Lakes, MN) for the issue of a convertible promissory note for gross proceeds of $5,000,000. The note will carry an annual interest rate of 7.5%. The note will mature on May 16, 2018. The interest will be calculated on a 360-day year basis resulting in an effective interest rate of 7.6% per year. The company may make prepayments without penalty and the prepayments will reduce the principal balance due. The note is secured by a commercial pledge agreement signed by the company and The Carlton Group. The company will issue securities pursuant to exemption provided under Regulation D.