MPM Technologies Inc. (OTCPK:MPML) announced a private placement of senior secured convertible promissory note on April 19, 2013. The note will bear interest at 9% per annum and will mature in 24 months from the date of issuance. The note will be convertible into common shares of the company at a conversion price which is equal to the fair market value less 25% at any time during the life of the note.

On April 29, 2013, the company announced that it will receive $500,000 through issue of the convertible promissory notes to certain accredited investors. The company will issue the securities pursuant to exemption provided under Regulation D. The notes will be convertible into 2,721,089 shares of common stock based on the May 1, 2013 market price of $0.245 per share and the 25% discount on the price.