Airborne Wireless Network (OTCPK:ABWN) announced a private placement of one 12% convertible promissory note at a price of $200,000 per note for gross proceeds of $200,000 with accredited investor, JSJ Investments Inc. on November 29, 2017. The note carries a coupon of 12% per annum and maturity date of November 29, 2018. In default, the interest rate will rise to 18% per annum. The note is convertible into common shares of the company at a conversion price is the amount equal to 70% of the lowest price at which the company’s common stock traded during the 20 days prior to the conversion date. The company may prepay the note during the first 180 days that the note is outstanding, but only by paying 115% of the outstanding principal balance in addition to accrued interest, if the company exercises this right during the first 90 days that the note is outstanding, paying 120% of the outstanding principal balance in addition to accrued interest, if the company exercises this right during the period beginning on the 91st day following the issue date of the note and ending on the date that is 120 days following the issue date of the note or paying 125% of the outstanding principal balance in addition to accrued interest, if the company exercises this right during the period beginning on the 121st day following the issue date of the note and ending on the date that is 180 days following the issue date of the note. After the 180th day that the note has been outstanding, the company may prepay the note balance only upon the written consent of the holder, and only by paying 130% of the outstanding principal balance in addition to accrued interest. The company has paid the legal fee of $3,000.