United American Healthcare Corp. (OTCPK:UAHC) announced a private placement of a convertible promissory note with existing investor, St. George Investments, LLC for gross proceeds of $75,000 on May 15, 2012. The convertible note carries an interest at an annual rate of 10%. The note will mature on earlier of December 31, 2014, or the date of the sale of all or substantially all of the assets of the company or Pulse Systems, LLC, the merger of the company or Pulse Systems, LLC, or the sale of all or substantially all of the equity of the company or Pulse Systems, LLC. In the event of default, the holder of the note may elect to convert all or any part of the outstanding principal of, and the accrued but unpaid interest on, the note into newly issued shares at a conversion price of $0.01793 per share. The board of directors approved the transaction. On May 16, 2012, United American Healthcare Corp. closed the transaction.