NanoFlex Power Corporation (OTCPK:OPVS) announced that it has entered into a securities purchase agreement with a accredited investor Odyssey Capital Funding, LLC for gross proceeds of $300,000 on October 24, 2019. The company issued a convertible redeemable note in the transaction. The note is issued at its par value. The note is convertible into common shares of the company. The interest rate on the note is fixed at the rate of 12% per annum. The note will mature on October 24, 2020. The note may be converted in the first six months post the issuance at a fixed price of $0.25 per share, after which the conversion price shall be equal to 60% of the lowest trading price during the 20 prior trading days. The note may be redeemed within 60 days from the date of closing of the transaction at a premium of 120%, if redeemed between 61st day and 120th, at a premium of 130%, if redeemed between 121st day and 180th, at a premium of 140% and if redeemed after 180th day, there shall be no further right of redemption. The company received net proceeds of $285,000 in the transaction after incurring legal fees of $15,000.