Joey New York, Inc. (OTCPK:JOEY) announced a private placement of a promissory note for gross proceeds of $52,500 on December 27, 2016. The transaction included participation from new investor, Salamon Brothers, LLC. The note can be converted after 180 days into common stock at a market closing bid discount of 50% is converting at less than 5 days of the average trading volume, 60% if converting at more than 5 days of average trading volume and 65% if converting at more than 10 days of average trading volume. The note bears interest at 12% per annum and is due and payable on June 17, 2017.