IFAN Financial, Inc. (OTCPK:IFAN) announced that it has entered into a securities purchase agreement for a private placement of common shares in an equity line of credit for gross proceeds of $10,000,000 with new accredited investor, Old Main Capital on April 21, 2016. The company has entered into a term sheet with the investor. The company will issue, as a commitment fee pursuant to the term sheet, and upon the terms and conditions set forth in the agreement, an 8% convertible promissory note, due April 27, 2017 of the company, in the aggregate principal amount of $300,000 to the investor.

The note carries a fixed coupon of 8% per annum, and will mature on April 27, 2017. The note will convert into common stock of the company at a conversion price equal to the lesser of $0.0675 or 52% of the lowest VWAP of the common stock for the fifteen consecutive trading days ending on the trading day that is immediately prior to the applicable conversion date.