Artesanias Corp. (OTCPK:AXTR) announced a private placement of convertible promissory note for gross proceeds of $35,000 on July 1, 2015. The transaction will include participation from returning accredited investor, CMGT, Inc. The note will mature on July 1, 2016.

The convertible notes bear an interest rate of 10% per annum with the principal and accrued interest being due one year from the date of issue. The notes are convertible at a price equal to 60% of the market price for common stock, which is defined as the average of the lowest three closing bid prices for common stock in 10 trading days preceding the conversion. The investor's right to convert is limited such that no conversion can be made which would result in it owning more than 4.99% of company's issued and outstanding shares following the conversion.