AllDigital Holdings, Inc (OTCPK:ADGL) announced that it has entered into a securities purchase agreement for the private placement of 5% senior secured convertible notes for gross proceeds of $150,000 on April 23, 2015. The round included participation from Philip N. Kaplan. The notes will be convertible into 1,666,667 shares of common stock a fixed 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. All accrued interest on the notes shall be paid in cash upon any conversion of the notes. The notes are secured by a first priority lien on all of its tangible and intangible assets.