IL2M International Corp (OTCPK:ILIM) announced that it has entered into a securities purchase agreement for a private placement of one convertible promissory note to returning investor, KBM Worldwide, Inc. at $37,500 per note for gross proceeds of $37,500 on June 24, 2014. The note issued has a par value of $37,500. The note will bear an interest at the rate of 8% per annum and will mature on March 26, 2015. Any amount of principal or interest on this note which is not paid when due shall bear a fixed interest at the rate of 22% per annum. The note is convertible into shares of the company at any time during the period beginning on the date which is 180 days following the date of this note and ending on the later of the maturity date and the date of payment of the default amount. The note will be convertible at a variable conversion price lower of $0.10 per share or 50% of the average trading price of its common shares for the five days preceding the date of conversion. Owen Naccarato from Naccarato & Associates served as legal advisor to the company. Judah A. Eisner and Bernard S. Feldman from Naidich Wunnan Birnbaum & Maday, LLP served as a legal advisor to the investor.

On June 24, 2014, IL2M International Corp closed the transaction.