CrowdGather, Inc. (OTCPK:CRWG) announced that it has entered into a subscription agreement for the private placement of a convertible promissory notes for gross proceeds of $1250,000 on June 7, 2016. The company has received $50,000 from existing investors Vinay Holdings, Ltd. The company also received gross proceeds of $75,000 to an investor. The notes carry a fixed coupon of 12% per annum and 90 days following June 7, 2016. The note is convertible into common stock of the company at a conversion price of $0.01 per share. The company also issued warrants 50% of the amount of common shares of the company converted, such warrants expiring three years from the date of issuance, at an exercise price of $0.03 per share. The company expected to receive $350,000 in the transaction.