ProGreen US, Inc. (OTCPK:PGUS) announced that it has entered into a securities purchase agreement for private placement of convertible debenture for gross proceeds of $150,000 on June 14, 2018. The transaction included participation from existing investor Bellridge Capital. The note carries a fixed coupon of 12% per annum and would mature on June 14, 2019. The interest rate in case of event of default is 22%. The note is convertible into common stock at the conversion price equal to 65% of the lowest closing price for the company’s common stock on the trading market for the 15 trading days prior to the conversion. The prepayment amount will be equal to 110% of the principal amount if paid under 90 days from the date of issuance, 120% if paid between 91 to 120 days, 125% if paid between 121 to 180 days. The debenture is issued at an original issue discount of 4.76%, for gross proceeds of $157,500. The company will pay $5,000 as due diligence fees and will receive net proceeds of $145,000. The company will issue securities pursuant to exemption provided under Regulation D.