Peer to Peer Network (OTCPK:PFNI) announced that it has entered into a material definitive agreement for a private placement of 10% convertible promissory note for gross proceeds of $110,000 on August 7, 2015. The transaction will include participation from new investor, Tangiers Investment Group LLC. The convertible note will be issued at an original issue discount of 10%.

The convertible note bears a fixed interest rate of 10% per annum. The convertible note is convertible into common shares of the company having par value of $0.01 per share, at a price equal to the lower of 50% of the lowest trading price during twenty trading days prior to the date of conversion, or 50% of the lowest trading price during the twenty trading days prior to August 7, 2015. The notes will have a maturity period of one year.

The transaction has been approved by the board of directors of the company.