ProGreen US, Inc. (OTCPK:PGUS) announced that it has entered into a securities purchase agreement for a private placement of a 12% convertible note for gross proceeds of $106,000 on May 16, 2017. The transaction included participation from JSJ Investments Inc. The note carries principal amount of $113,000. The note issued at discount of 6.19469 % and discount of $7,000. The note carries a fixed coupon of 12% per annum and would mature on February 10, 2018. At any time after 180 days from the issue date of the convertible note, the note is convertible into common shares of the company at a price equal to a 52% discount to the lowest trading price during the previous 15 trading days to the date of a conversion notice. The company may pay the convertible note in full, together with any and all accrued and unpaid interest, plus any applicable pre-payment premium at any time on or prior to the date which occurs 180 days after the issuance date. In the event the convertible note is not prepaid in full on or before the prepayment date, it shall be deemed a pre-payment default. Until 90th day after the issuance date the company may pay the principal at a cash redemption premium of 120%, in addition to outstanding interest, without the holder’s consent; from the 91st day to the prepayment date, the company may pay the principal at a cash redemption premium of 125%, in addition to outstanding interest, without the holder’s consent. After the prepayment date up to the maturity date the convertible note shall have a cash redemption premium of 135% of the then outstanding principal amount of the note, plus accrued interest and default interest, if any, which may only be paid by the company upon holder’s prior written consent. The company will pay $7,000 as miscellaneous fee to the investor.