Pervasip Corp. (OTCPK:PVSP) announced that it has entered into a securities purchase agreement for a private placement of a secured convertible debenture with an existing accredited investor Flux Carbon Starter Fund LLC for gross proceeds of $68,000 on May 11, 2015. The debt carries a fixed coupon of 6% per annum and would mature on December 31, 2015.

The face value of debenture is $140,000 and issued at an original discount of $72,000. All the principal and accrued interest on the debt is convertible into common stock of the company at the election of the investor at a conversion price $0.002 per share. If this agreement is terminated by the company, the company will reimburse the investor $5,000 for fees and expenses.

The company issued the securities pursuant to exemption provided under Regulation D.