Ecometals Ltd. (TSXV:EC) announced a private placement for gross proceeds of $250,000 on July 25, 2012. The company will issue debt securities and option, warrant or other right to acquire another security in the financing, pursuant to Regulation D. The company will receive the funding from one investor. On July 26, 2012, Ecometals Ltd. closed the transaction. The company received the funding from an arm's length individual. The company issued a promissory note and 300,000 warrants. The note matures on July 24, 2013, and bears interest at a rate of 10% per annum. Each warrant is exercisable into one common share at a price of CAD 0.15 ($0.14713) per share till July 24, 2013. The securities issued are subject to a hold period of four months which expires on November 25, 2012. The currency conversion was made through www.oanda.com as on July 26, 2012.