Innovaro, Inc. (OTCPK:INNI) announced a private placement of revolving promissory notes for gross proceeds of $400,000 on August 21, 2013. The transaction will see participation from existing investor, JJJ Family LLLP. The company will also issue warrants to purchase 400,000 common shares six months after the issuance of the warrants and ending five years from that date. The warrants will be exercisable at $0.14 per share. Interest is payable on the outstanding principal amount of the revolving note at an annual rate of 10%. Interest accrued on advances shall be due and payable on the first day of each month for the immediately preceding month, computed through the last calendar day of the preceding month and on the termination date. The entire principal amount outstanding and all accrued interest is payable in full no later than August 21, 2014.

On August 21, 2013, Innovaro, Inc. closed the transaction.