Beneficial Holdings, Inc. (OTCPK:BFHJ) announced a private placement of 20 series A convertible notes at $25,000 per note for gross proceeds of $500,000 on September 25, 2013. The notes carry a coupon rate of 9% per annum and are convertible into common shares at a price of $1.43 per share for a period of two years. For each note issued the company will issue warrants to purchase 17,500 shares of the company at an exercise price of $2 per share for a period of two years.

As of September 30, 2013, the company has issued 6 notes for gross proceeds of $150,000 in the transaction.

As of April 3, 2014, the company has issued 7 notes for gross proceeds of $175,000 in the transaction.