Global Vision Holdings, Inc. (OTCBB:GVHI.B) announced a private placement of 8% convertible promissory note for gross proceeds of $50,000 on March 6, 2013. The transaction included participation from new investor, Asher Enterprises, Inc. The note will be convertible into class B common stock of the company at the option of the investor beginning 180 days after the issuance of the note. The conversion price of the note is equal to 55% multiplied by the market price as determined in accordance with the note. The note will mature on December 6, 2013. During the first 180 days after the issuance of the note, the company has the right to prepay the principal and interest under the note at a premium, which varies depending on the date of prepayment. The note bears an interest rate of 8% per annum. The note bear default provisions, including provisions for potential acceleration of the note, a default premium, and default interest of 22%. The company issued securities pursuant to exemption provided under Regulation D.

Lance A. McKinlay of Lance A. McKinlay, P.C. acted as legal advisor to Global Vision Holdings, Inc. Bernard S. Feldman of Naidich Wurman Birnbaum & Maday LLP acted as legal advisor to Asher Enterprises, Inc. Equity Capital Investments acted as finder and received $5,000. The company did not pay any brokerage commissions, transaction fees or similar payments in connection with the transaction. The company's obligation with respect to this transaction to reimburse investor's expenses was $2,500.

On the same day, the company received the funds.

On March 11, 2013, Global Vision Holdings, Inc. closed the transaction. The company received additional $42,500 in the transaction. The conversion price of the additional note is equal to 51% multiplied by the market price as determined in accordance with the note and have a nine months term.