Invent Ventures, Inc. (OTCPK:IDEA) announced a private placement of a two convertible promissory notes for gross proceeds of $70,000 on September 27, 2013. The company issued one note for $50,000 and the other note for $20,000. The notes will mature on September 27, 2014. The notes will carry an interest of 12 % per annum payable at the earlier of maturity, acceleration or the pre payment of the notes. The notes are convertible into common shares of the company at the lowe of $0.27 per share or the company's net asset value per share at the time of conversion. As part of the transaction, the company will pay to the investor the costs of collection including the attorney's fees.

On September 27, 2013, Invent Ventures, Inc. closed the transaction.