Viscount Systems Inc. (OTCPK:VSYS) announced a private placement of senior secured convertible demand promissory series B notes for gross proceeds of $300,000 on November 24, 2015. The transaction will include participation from three existing investor. The notes are issued at a discount of 10%.

The aggregate principal value of the notes is $330,000. The notes bear an interest rate of 8% for each 30 days that the notes remain outstanding and the interest rate will be decreased upon an event of default to the lesser of 21% per annum and the highest amount permitted by applicable law. The interest payment is paid quarterly.

The notes are convertible into shares at a conversion price equal to 60% multiplied by the lowest bid price of share during 20 consecutive trading days prior to the date of any conversion. The minimum investment accepted from any outside investor is $100,000. The company will issue securities pursuant to exemption provided under Regulation D.