FluoroPharma Medical, Inc. (OTCPK:FPMI) announced that it has entered into a note purchase agreement for a private placement of convertible promissory notes for gross proceeds of up to $1,000,000 on March 23, 2016. Then notes will be issued at its par value. The transaction will include participation from accredited investors. The notes will mature one year from the date of issuance and bear fixed interest at the rate of 12% per annum upon the earlier of exchange or voluntary conversion of the notes in accordance with the terms thereof and the maturity date. The notes will be convertible into common shares of the company at a conversion price of $0.35 per share. The principal and the interest accrued under the notes will automatically convert into the company's next equity or equity-linked financing without any action on the part of the investor, into such securities, including warrants of the company that are issued in the subsequent financing. The company will issue the securities pursuant to exemption provided under Regulation D.

On the same date, the company received $150,000 in its first tranche closing. The tranche included participation from Thomas H. Tulip, Chief Executive Officer of the company. The company may conduct any number of additional closings so long as the final closing occurs on or before the 120th day following the initial closing date.