ERBA Diagnostics, Inc. (OTCPK:ERBA) announced that it has issued a material definitive agreement for the private placement of promissory notes for gross proceeds of $400,000 on November 28, 2016. The note will be unsecured and will carry a fixed interest rate of 3.5% per annum. The note will be due and payable on October 31, 2017, subject to acceleration upon the occurrence of certain specified events of default. In the event of default, the note shall bear interest at the rate equal to the lesser of 12% per annum or the highest rate permitted to be charged by applicable law. The transaction will include participation from ERBA Diagnostics Mannheim GmbH. On October 30, 2017, the company amended the terms of the transaction. The notes now will mature on October 31, 2018.