Spindle, Inc. (OTCPK:SPDL) announced a private placement of a convertible promissory note for gross proceeds of $103,000 on October 17, 2017. The note will be issued at its par value. The transaction will include participation from Michael Kelly, a Director of the company. The note accrues interest at the rate of 10% per annum and will mature on October 17, 2018. The note may be prepaid by the company with various redemption premiums applicable depending on when the company prepays the principal balance. The note is convertible into shares of the company’s common stock at a conversion price of 35% discount to the lowest trading price during the previous 20 trading days to the date of a notice of conversion. The note is convertible, at the holder’s election, only after 180 days after issuance. On the same day, the company raised $53,000 of funding in its first tranche.