NanoFlex Power Corporation (OTCPK:OPVS) announced that it has entered into a securities purchase agreement with Odyssey Capital Funding, LLC to issue convertible redeemable note for an aggregate gross proceeds of $100,000 on August 2, 2019. The note is issued at par. As a part of transaction the company received net proceeds of $95,000. The note bears an interest 12% per annum and matures on August 2, 2020. Pursuant to the transaction, the investor during the first six months may convert all or a portion of the outstanding principal amount into common shares at a fixed price equal to $0.25 per share. Thereafter, the conversion price per share shall be equal to 60% of the lowest trading price during the 20 prior trading days. If the company prepays the note within 60 days of its issuance, the company must pay all of the principal at a cash redemption premium of 120%; if such prepayment is made between the 61st day and the 120th day after the issuance of the note, then such redemption premium is 130%; if such prepayment is made from the 121st to the 180th day after issuance, then such redemption premium is 140%. After the 180th day following the issuance of the note, there shall be no further right of prepayment. In connection with the transaction, the company agreed to cause its transfer agent to reserve 6,666,000 shares of common stock, in the event that the note is converted. Investor has the right to periodically request that the number of shares reserved be increased to at least 400% the number of shares of common stock issuable upon conversion of the note. The company will issue securities pursuant to exemption provided under Regulation D.