Wowio, Inc. (OTCPK:WWIO) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note for gross proceeds of $25,000 on February 20, 2015. The note will carry a principal amount of $30,500 and will be issued at a discount of approximately 18.03%. The transaction included participation from new investor, Carebourn LP.

The note will carry an interest of 12% per annum and will mature on November 20, 2015. The note is convertible into common shares of the company. The conversion price shall equal 50% multiplied by the average of the lowest three trading prices for the common stock during the 10 trading day period ending on the latest complete trading day prior to the conversion date, subject to equitable adjustments for stock splits, stock dividends or rights offerings by the company relating to its securities or the securities of any subsidiary of the company, combinations, recapitalization, reclassifications, extraordinary distributions or other similar events.

The company issued the security pursuant to exemption provided under Regulation D.