Hotel Outsource Management International Inc. (OTCPK:HOUM) announced a private placement of convertible loan for gross proceeds of $50,000 in funding in September 2013. The loan carries a coupon rate of 8% and will be convertible into common shares of the company. The principal and all accrued interest shall be repaid in 16 consecutive quarterly payments commencing January 1, 2014 and thereafter on the first day of each calendar quarter, ending with the final payment on October 1, 2017.