Gyrotron Technology, Inc. (OTCPK:GYTI) announced a private placement of 10,145 units at $35 per unit for gross proceeds of $355,075 on March 11, 2014. Each unit consists of one 10% junior convertible preferred share and 50 warrants. The preferred share bears an interest at the rate of 10% per annum and is convertible into 50 common shares at $0.70 per share. Each warrant entitles the holder to purchase an additional common share at $1 per share till December 31, 2016. If after December 31, 2014, the common stock underlying the warrants is registered, the warrant will expire after 60 days from the registration. The transaction included participation from a major shareholder for $340,000. The company may receive additional funding from accredited investors in the transaction.

On March 11, 2014, Gyrotron Technology, Inc. closed the transaction.