Petrone Worldwide, Inc. (OTCPK:PFWI) announced that it has entered into a securities purchase agreement for private placement of convertible promissory note for gross proceeds of $77,000 on September 12, 2017. The transaction included participation from Labrys Fund, LP, a fund managed by The EquiLux Group, LP. The company issued note at par. The note carries a fixed interest rate of 12% per annum. The note is due and payable on March 12, 2018. The note is convertible into common shares, at a conversion price per share equal to lower of stock price on the trading day immediately preceding the closing date or 55% of the lowest traded price of the common stock for 20 trading days immediately preceding the date of the date of conversion, upon the terms and subject to the conditions of the notes. Any amount of principal or interest that it due under the note which is not paid by the maturity date, will carry fixed interest rate of 24% per annum until the note is satisfied in full. The company has the right to prepay any amount outstanding under the notes, during the initial 180 day period after the issuance, without any prepayment penalty by paying the face amount plus accrued interest through such prepayment date. The company reimbursed the investors’ expenses and legal fees of $2,500. The company issued securities pursuant to exemption provided under Regulation D.