Green Ballast, Inc. (OTCBB:GBLL) announced a private placement of 1,000 units at $1,000 per unit for gross proceeds of $1,000,000 on October 16, 2012. Each unit will consist of 1,000 8% mandatorily convertible note, with principal amount of $1,000 and 1,000 shares. The notes will bear interest at a rate of 8% per annum. The interest will be calculated on the basis of 360 -day year and will be paid on maturity date. The notes will be convertible into common shares equal to the principal amount of the note divided by the pre-money valuation of the company used in the subsequent offering, and then multiplied by the number of shares of common shares outstanding after the conversion plus 20% of the base number. On the conversion date, all accrued but unpaid interest on the notes will be forgiven. If the company does not closes subsequent offering before April 15, 2013 will lead to event of default. The company will pay interest at a rate of 13% per annum if any amount due is not paid when due. The securities will be issued to accredited investors pursuant to Regulation D. The company will pay its own costs and expenses in connection with the transaction. Loewen, Ondaatje, McCutcheon USA LTD is serving as placement agent to the company. The company will advise itself for the transaction. The notes will mature on October 16, 2013.

On the same date, the company closed the first tranche. The company raised $200,000 by issuance of 200 units to a single investor.

On November 5, 2012, the company raised $200,000 by issuance of 200 units.

On November 28, 2012, the company issued 100 units to an accredited investor for gross proceeds of $100,000. The company has raised a total of $500,000 in the transaction.

On December 20, 2012, Green Ballast, Inc. closed the transaction. The company issued additional 150 units for gross proceeds of $150,000. The company has issued 650 units for gross proceeds of $650,000 in the transaction.