SpendSmart Networks, Inc. (OTCPK:SSPC) announced that it has entered into agreement for a private placement of secured convertible debenture for gross proceeds of $150,000 on October 5, 2015. The note bears fixed interest rate of 12% per annum and will mature on March 31, 2016. The company will issue note to new investor, Siskey Capital, LLC.

The note is convertible into common shares beginning from January 1, 2016. The note features a mandatory conversion feature obligating the holder to participate and apply the principal and interest to a qualified financing meaning a financing taking place prior to December 31, 2015 wherein the company receives gross proceeds totaling at least $1,500,000. The company issued securities pursuant to exemption provided under Regulation D.