Solar Wind Energy Tower, Inc. (OTCPK:SWET) announced a private placement of one 8% convertible promissory note at $32,500 per note for gross proceeds of $32,500 on September 16, 2013. The company issued the note to an existing accredited investor, Asher Enterprises, Inc. The note bears interest at the rate of 8% per annum and will mature on June 18, 2014. The note is convertible into common stock, at the investor's option, at a 42% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading days prior to conversion. The company issued the note pursuant to to Section 4(2) of the Act and/or Regulation D. The principal or interest on the note which is not paid when due shall bear interest at the rate of 22% per annum from the due date thereof until the same is paid. The interest shall commence accruing on the date that the note is fully paid and shall be computed on the basis of a 365-day year and the actual number of days elapsed from the issuance. The company shall reimburse the investor for all expenses incurred by them in connection with the negotiation, preparation, execution, delivery and performance of this transaction, and to reimburse the investor's expenses for $2,500. Stephen M. Fleming from Law Offices of Stephen M. Fleming PLLC served as the legal advisor to the company. Naidich Wurman Birnbaum & Maday LLP served as the legal advisor to the investor.

On September 16, 2013, Solar Wind Energy Tower, Inc. closed the transaction.