SearchCore, Inc. (OTCPK:SRER) announced a private placement of a 20% convertible secured promissory note for gross proceeds of $100,000 on March 26, 2014. The company entered into note and stock purchase agreement with the investors. The note will carry an interest rate of 20% per annum, which shall be paid in full on the first day of each month beginning on June 1, 2014. The note will mature on April 26, 2015. The note will be convertible into the common shares of the company at $0.08 per share. The note is collateralized by 1,250,000 shares of common stock which will be issued and held in escrow, and, if not paid in full in six months, is additionally collateralized by up to $15,000 in monthly payments which the company receive from the sale of WeedMaps Media, Inc. The transaction will include participation from accredited investors. The company will also issue 300,000 incentive shares. Brian A. Lebrecht of Clyde Snow & Sessions, P.C. acted as a legal advisor to the company. The company will issue securities pursuant to exemption provided under Regulation D. The company will not pay finders or placement agent fee.

On March 28, 2014, the company issued an additional note for gross proceeds of $100,000 bringing the total proceeds raised to $200,000 in this transaction. The additional note issued will mature on April 28, 2015.

SearchCore, Inc. will use the proceeds for general working capital purposes in conjunction with the opening and operation of manufactured home retail centers in the Midwest.