Blue Calypso, Inc. (OTCPK:BCYP) announced that it has entered into a securities purchase agreement with existing accredited investor, Harold M. Brierley for a private placement on a reasonable best efforts basis of 609,756 units at a price of $1.64 per unit for gross proceeds of $1,000,000 on April 22, 2016. Each unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one common share at $2.13 per share.

The warrants will expire on the fifth anniversary of the date of issuance. The securities will be issued pursuant to exemption provided under Regulation D. There was no minimum amount to be raised in the transaction. As a part of the transaction, the investor will get an option to nominate a member to the board of directors of the company.

The investor holds 12.1% stake in the company upon completion.