ERHC Energy Inc. (OTCPK:ERHE) announced a private placement of convertible debt for gross proceeds of $100,000 from new investor JMJ Financial, Inc. on April 15, 2014. The notes carry an interest rate of 5.83% per annum and have a term of 24 months. The notes are convertible into shares at lesser of $0.06 or 60% of average price of shares for 25 trading days prior to conversion. The company incurred transaction cost of $10,000 in the transaction.


On April 15, 2014, ERHC Energy Inc. closed the transaction.