Epoxy, Inc. (OTCPK:EPXY) announced that it has entered into a securities purchase agreement with new accredited investor, Adar Bays, LLC for private placement of a 8% convertible redeemable notes for gross proceeds of $75,000 on January 13, 2015. The note will mature on January 13, 2016. The notes bear interest at a fixed rate of 8% per annum.

The notes are convertible into shares of the company at any time after 180 days at the election of the investor, at a price equal to 52% of the lowest trading price of the company's common share for the twelve prior trading days including the day upon which a notice of conversion is received. The company may redeem the note in the first 180 days by paying an amount equal to 125% of the unpaid principal amount of the note along with accrued interest if the redemption is in first 90 days and by paying an amount equal to 135% of unpaid principal and interest if the redemption is after the 91st day. The company paid $3,750 in legal fees of the investor and also paid agent fees to Carter, Terry & Company of $7,500.

The transaction is expected to close or about January 13, 2015.