Ironclad Encryption Corporation (OTCPK:IRNC) announced a private placement of a 12% convertible note for the gross proceeds of $115,500 on July 18, 2018. The note has been issued at par. The note carries coupon rate of 12% per annum until maturity, if not repaid, 18% per annum after maturity date. The note will mature on July 18, 2019. The note is convertible into common shares of the company at a conversion price equal to 65% of lowest trading price for the company’s shares during fifteen trading days period ending on the last trading day prior to exercising the conversion right. The conversion period will start after 180 days of the date of issuance. The company paid issuance expenses of $14,000, including legal fees of $3,500. The company issued securities pursuant to exemption provided under Section 4(2) of Regulation D.