ProGreen US, Inc. (OTCPK:PGUS) announced that it has entered into a securities purchase agreement for a private placement of a 12% convertible promissory note for gross proceeds of $289,437 on October 17, 2017. The transaction included participation from existing investor Tangiers Global, LLC. The note carries principal amount of $113,000. The note issued at discount of 5.66045 % and discount of $17,366.50. The note carries a fixed coupon of 12% per annum and would mature on July 13, 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%.