The Mint Leasing, Inc. (OTCBB:MLES) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note to new investor KBM Worldwide, Inc. for gross proceeds of $158,000 on July 9, 2014. The note carries a coupon of 8% per annum and is due and payable on April 15, 2015. All or any portion of the principal amount of the convertible note and all accrued interest is convertible at the option of the holder thereof into the common stock at any time following the 180th day after the note was issued. The conversion price of the convertible note is equal to the greater of $0.00005 per share and 61% multiplied by the average of the three lowest trading prices of its common stock on the ten trading days before any conversion. The conversion price is also subject dilutive protection as provided in the convertible note. The note issued was pursuant to or Rule 506 of Regulation D.

On July 9, 2014, The Mint Leasing, Inc. closed the transaction.