CrowdGather, Inc. (OTCPK:CRWG) announced that it has entered into a securities purchase agreement for a private placement of 8% convertible promissory note with existing Vinay Holdings, Ltd. for gross proceeds of $100,000 on June 5, 2015. The notes will carry a fixed interest rate of 8% per annum and would mature on November 4, 2015 and 18% per annum default interest. The notes were issued at its par value.

The variable conversion price shall mean 61% multiplied by the market price representing a discount rate of 39%.