Spire Corp. (OTCPK:SPIR) announced that it has entered into a security purchase agreement of a secured promissory note for an aggregate principal amount of $264,000 with new lender Roger G. Little, chairman of the company on December 5, 2014. The note bears an interest rate of 12% per annum, and is due and payable on February 28, 2015. The company has also agreed to pay the lender a loan fee of $25,000 no later than the maturity Date. The note and the loan fee may be prepaid, in whole or in part, at any time by the company without penalty.

On December 5, 2014, Spire Corp. closed the transaction.