AllDigital Holdings, Inc (OTCPK:ADGL) announced that it has entered into a securities purchase agreement to issue 5% senior secured convertible note for gross proceeds of $100,000 on April 30, 2015. The round included participation from Morris Cottle, Trustee of the Ralph Wanger 2001 Family Irrevocable Perpetuities Trust. The notes will be convertible into 1,666,667 shares of common stock a conversion price of $0.15 per share.

The notes will mature on December 31, 2016 and carry a fixed interest rate of 5% per annum, payable quarterly on the fifth day after the last business day of each calendar quarter. The notes are secured by a first priority lien on all of its tangible and intangible assets.