Tiger Reef, Inc. (OTCPK:TGRR) announced that it has entered into a securities purchase agreement with new investor Eagle Equities, LLC for a private placement of two 8% convertible redeemable note due March 1, 2018 at a price of $35,000 per note for gross proceeds of $70,000 on March 1, 2017. Each note carries a fixed interest rate of 8% per annum commencing on March 1, 2017 and would mature on March 1, 2018. The company will not require making any payments to the investor until maturity of the notes. The company have the right to repay the notes at any time during the first six months of the notes at a rate of 120% of the unpaid principal amount during the first 30 days, 126% of the unpaid principal amount between days 31 and 60, 132% of the unpaid principal amount between days 61 and 90, 138% of the unpaid principal amount between days 91 and 120, 144% of the unpaid principal amount between days 121 and 150, and 150% of the unpaid principal amount between days 151 and 180. The notes may not be prepaid after the 180th day. The investor may convert the outstanding principal on the notes into shares of common stock at the conversion price per share equal to 55% of the lowest daily closing bid with a 15 day look back immediately preceding and including the date of conversion. There is no minimum conversion price. The notes are exchangeable for an equal aggregate principal amount of notes. In connection with transaction, the company paid $4,000 in legal fees.