Cerebain Biotech Corp. (OTCPK:CBBT) announced that it has entered into a securities purchase agreement with Jefferson Street Capital LLC for a commercially reasonable best efforts private placement of a convertible promissory note for gross proceeds of $50,000 on December 10, 2018. The note bears a fixed interest of 10% per annum and will mature on March 10, 2019. The note is convertible into $0.001 par value common shares of the company at a fixed conversion price of $0.01 per share. In the event of default, the note bears a coupon rate of 18%. The note is issued at an original issue discount of 9.09%, for gross proceeds of $55,000. The prepayment amount will be equal to 125% to 135% of the principal amount if paid under 90 days from the date of issuance. The company shall pay $5,000 to the investor to cover investor's due diligence, monitoring, and other transaction costs. The transaction has been approved by the board of directors of the company. The securities issued are pursuant to exemption provided under Rule 506 of Regulation D.