Lans Holdings, Inc. (OTCPK:LAHO) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note for gross proceeds of $85,000 with EMA Financial, LLC on December 12, 2016. The note is being issued at par, carries a fixed coupon of 10% per annum, and would mature on December 12, 2017. The company paid the investor $5,000 for expenses and received net proceeds of $80,000. The note is convertible into common shares of the company at any time after June 2, 2017 at a conversion price closing price immediately prior to closing of the agreement and 60% multiplied by the lowest sale price for its common stock during the 25 trading days prior to the relevant notice of conversion. The company had reserved an initial 10,417,000 shares for the conversions. The note can be prepaid any time from the closing until six months thereafter at a premium of 135%. Any amount of principal or interest that is due under the note, which is not paid by the maturity date, will bear interest at the rate of 24% per annum until it is paid.