Greenwood Hall, Inc. (OTCPK:ELRN) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note at a price of $94,000 per note for gross proceeds of $94,000 with EMA Financial LLC on August 29, 2017. The convertible debt will carry an interest rate of 10% per annum and will mature in one year. The convertible note is issued at an original issue discount of 6%, of total value of $100,000. The purchaser will have the option to convert the outstanding balance under the note, in part or in full, into common stock of the company, par value $0.001 per share, at any time, at a price per share equal to the lesser of the closing sale price of the common stock on the Over-the-counter Markets on the trading day immediately preceding the date of conversion, and 50% of the lesser of the lowest sale price, or the closing bid price for the common stock on the OTC Markets during the 25 consecutive trading days including and immediately preceding the date of conversion, subject to certain adjustments as provide din the note. Any amounts not paid when due will accrue interest at a rate of 24% until the date of payment. The transaction is expected to close on September 8, 2017.