Location Based Technologies, Inc. (OTCBB:LBAS) announced a private placement of an unsecured convertible promissory note for gross proceeds of $500,000 on March 26, 2013. The note will bear interest at 10% per annum and will mature on March 25, 2014. The note will be convertible into common shares of the company at the option of the investor at a conversion price of $0.20 per share. The company also issued warrants to the investor to purchase up to 1,000,000 common shares of the company at an exercise price of $0.20 per share for a period of three years from the date of issuance. The transaction involved participation from a high net worth investor. The conversion shares shall be delivered to the investor within 10 business days following the date of conversion.

On March 26, 2013, Location Based Technologies, Inc. closed the transaction.