Nano Labs Corp. (OTCBB:CTLE) announced a private placement of convertible promissory note with returning investor, Asus Global Holding Inc. for gross proceeds of $275,000 on September 17, 2013. The note will be convertible into common shares of the company at a conversion price of 50% discount to the trading price of the company's shares on the OTC Markets on the date of conversion. The note was issued pursuant to exemption provided under Regulation D. The company has agreed to pay, in addition to the principal payable hereunder, reasonable attorneys' fees and costs incurred by the investor.

On September 17, 2013, Nano Labs Corp closed the transaction.