SurePure, Inc. (OTCPK:SURP) announced that it has entered into securities purchase agreement for private placement of a promissory note for gross proceeds of $300,000 on February 11, 2016. The note has par value of $330,000 and has been issued at discount. The transaction included participation from accredited investor, SBI Investments LLC, a fund managed by Sea Otter Global Ventures.

The note bears interest at the rate of 0% per annum until the occurrence of an event of default, at which time the note bears default interest at the rate of 22% per annum. The notes will mature on August 11, 2016. The variable conversion price shall mean 60% multiplied by the average of the lowest three volume weighted average price's for the common stock during the 20 trading day period ending on the latest complete trading day prior to the conversion date.

The company issued securities pursuant to exemption under Regulation D.