Entia Biosciences, Inc (OTCPK:ERGO) announced a private placement of convertible promissory note for gross proceeds of $50,000 on August 13, 2013. The transaction included participation from Arthur C. Piculell, Chief Executive Officer of the company. The note will carry an interest rate of 8% until the maturity date of August 13, 2014. The note is convertible into the series A preferred stock at $5.00 per share. The company also granted the investor, warrants to purchase 50,000 shares of its common stock at $2.00 per share with a maturity period of 5 years. The warrant will have a cashless exchange provision.

On August 13, 2013, Entia Biosciences, Inc closed the transaction. The company has extended the maturity date of the warrants to December 26, 2015.