Start Scientific, Inc. (OTCPK:STSC) announced that it has entered into a securities purchase agreement for a private placement of 8% convertible redeemable promissory note due February 25, 2016 for gross proceeds of $52,500 with new accredited investor, LG Capital Funding, LLC on February 25, 2015. The note carries a fixed coupon of 8% per annum and would mature on February 25, 2016. The note is convertible into common shares of the company at a variable price equal to 60% of the lowest trading price for the common shares during the 15 trading day period including the date of conversion.

The note may be accelerated by the holder in the event of default and the rate of interest on the note will increase to 24% per annum.