Spindle, Inc. (OTCPK:SPDL) announced a securities purchase agreement for the private placement of a 10% convertible promissory note for gross proceeds of $75,000 with PowerUp Lending Group, Ltd. on October 9, 2018. The note is issued at its par value. The note carries a fixed coupon of 10% per annum and will mature on October 9, 2019. Upon an event of default, the interest rate shall increase to 18% for as the event of default is continuing. The note is convertible, at the investor’s discretion, into shares of the company’s common stock at a conversion price of 35% discount to the lowest trading price during the previous 15 trading days to the date of a notice of conversion. Until the 30th day after the issuance date, the company may pay the principal at a cash redemption premium of 110%, in addition to outstanding interest, without the investor’s consent; from the 31st day to the 60th day after the issuance date, the company may pay the principal at a cash redemption premium of 115%, in addition to outstanding interest, without the investor’s consent; from the 61st day after the issuance date to the 90th day, the company may pay the principal at a cash redemption premium of 120%, in addition to outstanding interest, without the investor’s consent; from the 91st day after the issuance date to the 120th day, the company may pay the principal at a cash redemption premium of 125%, in addition to outstanding interest, without the investor’s consent; from the 121st day after the issuance date to the 150th day, the company may pay the principal at a cash redemption premium of 130%, in addition to outstanding interest, without the investor’s consent; from the 151st day after the issuance date to the 180th day, the company may pay the principal at a cash redemption premium of 135%, in addition to outstanding interest, without the investor’s consent. After the expiration of 180 days following the issuance date, the company shall have no right of repayment. At any time on or after the maturity date, the company may repay the then outstanding principal plus accrued interest and default interest, if any, to the investor.