Box Ships Inc. (OTCPK:TEUF.F) announced that it has into a securities purchase agreement for a private placement of 8% unsecured convertible note for gross proceeds of $250,000 with new investor Kyros Investments Ltd. on April 7, 2016. The note will mature on the one year anniversary of the closing date and will bear interest at the rate of 8% per annum, which will be payable on the maturity date or any redemption date and may be paid, in certain conditions, through the issuance of common shares, at the discretion of the company. The note will be convertible into the company's common shares, par value $0.01 per share at a conversion price equal to 65% of the lowest volume weighted average price of the common stock during the 21 trading days prior to the conversion date the common stock, as converted, the conversion shares.

The company issued securities pursuant to exemption provided under Regulation S.