Spectrascience Inc. (OTCPK:SCIE) announced a private placement on best effort basis of a unsecured convertible debenture with an accredited investor for gross proceeds of $263,157.90 on December 20, 2013. The unsecured convertible debenture carries a coupon of 10% per annum and would mature on December 20, 2014. The unsecured convertible debenture issued at a discount of 5% of the original issue price. The unsecured convertible debenture is convertible into common stock of the company at $0.045. The company also issued a five year warrant to purchase such number of shares of the company equal to 50% of the number of shares of common stock initially issuable upon conversion of the debenture at an exercise price of $0.09 per share. The company will pay the consultant fee of $20,000 in connection with the transaction. The warrant will mature on December 20, 2018.

On December 20, 2013, Spectrascience Inc. closed the transaction.