CrowdGather, Inc. (OTCPK:CRWG) announced a private placement of two promissory notes at a price of $10,000 per note for gross proceeds of $20,000 on September 15, 2015. The notes were issued to James Sacks and Hazim Ansari; Directors of the company. The notes carry a fixed interest of 12% per annum and will mature on March 13, 2016.

If all or any part of the amount of the promissory note be declared due in accordance with the other provisions hereof, or if any installment herein provided is not paid when due, the principal balance as the case may be, shall bear interest at the lesser of 12% per annum, or the maximum date allowed under applicable law until paid in full or until the promissory note is reinstated.