usell.com, Inc. (OTCPK:USEL) announced that it has entered into a term sheet for private placement of convertible promissory notes for minimum gross proceeds of up to $3,500,000 and maximum gross proceeds of up to $5,500,000 on November 13, 2018. The notes carry a fixed interest of 5%, to be paid quarterly. The company will issue notes at par. The notes are unsecured and redeemable in nature. The minimum amount accepted from any investor is $200,000. The securities issued are subject to transfer restrictions. The company expects to close the first tranche of the transaction on or after November 15, 2018. The company may close the transaction in subsequent tranches if any, up to the maximum amount at any time prior to January 31, 2019.