Integral Technologies, Inc. (OTCPK:ITKG) announced that it has entered into a securities purchase agreement for private placement of common shares for gross proceeds of $5,000,000 with L2 Capital LLC and SBI Investments LLC, a fund managed by Sea Otter Global Ventures LLC on May 19, 2017. The company will issue an indeterminate number of shares from time to time pursuant to exemption provided under Regulation D. The company will use best efforts to file a registration statement within 75 days on filling Registration Rights Agreement for the resale of shares in connection with the transaction. The commitment period of shares will be earlier of the date when investors purchase shares, May 19, 2020, and written notice of termination by the company to the investor. The company issued convertible promissory notes for worth $105,000 as commitment fee to each investor. The notes will bear interest at 8% per annum and mature nine months from the date of issue. The notes are convertible into common shares of the company at a conversion price equal to the product of 0.675 multiplied by the average of the two lowest trading prices for the company’s common stock during the 20 trading day period ending on the last complete trading day prior to the date of conversion. The notes may be prepaid at any time during the 90 days following May 25, 2017 at a rate of 120% of the amounts outstanding and prepaid at any time after the 90 day period at a rate of 140% of the amounts outstanding.