PFO Global, Inc. (OTCPK:PFGB) announced that it has entered into a securities purchase agreement for a private placement of an original issue discount senior secured convertible debenture due July 1, 2017 with existing investor, Hillair Capital Investment L.P., a fund managed by Hillair Capital Management LLC for gross proceeds of $550,000 on July 8, 2016. The debenture has a principal amount of $616,000 and was issued at a discount of 89.285714% of the principal amount. The debenture will mature on July 1, 2017. The debenture will not bear any interest and is convertible into common shares of the company at a fixed initial conversion price of $2 per share. The company has the option, subject to certain conditions, to redeem some or the entire outstanding principal amount of the debenture at the beginning on the six month anniversary of closing date for cash, in an amount equal to the sum of; 120% of the then outstanding principal amount, accrued but unpaid interest, and any liquidated damages and other amounts due in respect of the debenture. The company’s obligations under the debenture are secured by a lien on all of the company’s assets, including a pledge of the securities of the company’s subsidiaries, pursuant to the terms of the existing security agreement. No brokerage or finder’s fees or commissions are or will be payable by the company with respect to the transaction. The investor has invested $9,400,000 in the company till date. The company issued securities pursuant to exemption provided under Regulation D.