Fuse Science, Inc. (OTCPK:DROP) announced that it has entered into a letter of agreement for a private placement of a series B senior secured covertible note with an accredited investor for gross proceeds of $20,000 on August 25, 2014. The company also will issue series B warrant to purchase 6,250,000 shares of common stock of the company at an exercise price of $0.0015 per share. The warrant may be exercised by the holder on any day on or after the closing date.

On August 25, 2014, Fuse Science, Inc. closed the transaction.