Solar Wind Energy Tower, Inc. (OTCPK:SWET) announced a private placement of one 8% convertible promissory note at $27,500 per note for gross proceeds of $27,500 with existing accredited investor, Asher Enterprises, Inc. on August 23, 2013. The note bears interest at the rate of 8% per annum and will mature on May 15, 2014. The note is convertible into common stock, at the investor's option, at a 42% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading days prior to conversion. The company issued the note pursuant to exemption provided under Regulation D. The company shall reimburse the investor for all expenses incurred by them in connection with the negotiation, preparation, execution, delivery and performance of this transaction, and to reimburse the investor's expenses for $2,500. Stephen M. Fleming of Law Offices of Fleming PLLC acted as the legal advisor to the company. Naidich Wurman Birnbaum & Maday LLP acted as the legal advisor to the investor.

On August 23, 2013, Solar Wind Energy Tower, Inc. closed the transaction.