AnythingIT, Inc. (OTCPK:ANYI) announced that it has entered into a securities purchase agreement for a private placement of a convertible promissory note to new accredited investor, Eastmore Capital, LLC for gross proceeds of $65,000 on September 29, 2014. The promissory note carries a fixed coupon of 12% per annum and would mature on September 28, 2015. All outstanding principal and accrued interest on the note is due and payable on the maturity date. The note is convertible into common shares at any time on or after the note issuance date. The conversion price for each share is the lower of the closing price of the common share on the trading day before the note funding date or 50% multiplied by the lowest sale price for the common share during the 15 trading days prior to the relevant notice of conversion. The investor may extend the note maturity date by providing with written notice at least 5 days before the maturity date. The investor may only extend the maturity date for up to an additional one year period. The note purchase price was paid in cash to us by investor on October 3, 2014. Any amount of principal or interest that is due under the note, which is not paid by the maturity date, will bear interest at the rate of 24% per annum until it is paid. The note conversion price is subject to a floor price of $0.00009 per share. The note conversion price will not be lower than $0.00009 per share unless the common shares loses the bid, which would give the investor the right to set the conversion price at $0.00001. The company also issued 2,100,000 warrants to purchase one common share at $0.031 per share. The warrant will mature on September 29, 2019. The company issued the securities pursuant to exemption provided under Regulation D. The company paid legal fees and expenses of $3,500.

On September 29, 2014, AnythingIT, Inc. closed the transaction.