ERBA Diagnostics, Inc. (OTCPK:ERBA) announced a private placement of a unsecured promissory note for gross proceeds of $250,000 on September 28, 2017. The transaction included participation from existing lender, ERBA Diagnostics Mannheim GmbH. The note carries a coupon of 3.5% per annum, and will mature on August 27, 2018, subject to acceleration upon the occurrence of certain specified events of default. The company is expected to receive $500,000 pursuant to the transaction. The remaining proceeds of $250,000 will be made at the time determined by the vote or written consent of majority of the independent directors. The funding of such subsequent amount will take place on the date that is 15 days after the date on which the independent directors have caused the company to provide notice to the lender.