eFleets Corporation (OTCPK:EFLT) announced a private placement of an unsecured convertible promissory note with existing investor, Zeus Corp. for gross proceeds of $50,000 on April 4, 2014. The note will mature in one year after its initial issuance date and bears an interest rate of 8% per annum. The note is convertible into shares of the company at a conversion price of $1.51 per share, subject to customary adjustments in the event of reclassification of the company, consolidation of the company, merger, subdivision of shares of common stock, and combination of shares of common stock or dividends in the form of common stock. The company also issued warrants entitling the holder to purchase 16,556 shares of common stock at an exercise price of $2.01 per until April 4, 2019.

On April 4, 2014, eFleets Corporation closed the transaction.