Tarsier Ltd. announced that it has entered into senior secured revolving credit facility agreement with new lender TCA Global Credit Master Fund, LP a fund managed by Trafalgar Capital Advisors LTD for revolving notes for gross proceeds of $400,000 on January 29, 2016. The note issued bears interest at a fixed rate of 11% per annum and will mature on July 29, 2016. The notes are secured by a first priority security interest on the company's assets and by the pledge of the capital stock of company's subsidiaries.

In the event of default, the investor may convert all or a portion of the notes into common shares of the company at a conversion price equal to 85% of the lowest daily volume weighted average price of our common share during the five trading days immediately prior to the conversion date. The investor will not acquire more than 4.99% stake in the company through conversion. The investor may prepay the notes prior to the maturity.

The company paid $51,700 in cash fees, expenses and closing costs. The company also paid asset monitoring fees of $1,500, due diligence fees of $12,500, document review and legal fees of $25,000, and other fees. The company will issue 9,500,000 shares of series A convertible preferred stock to the lender as advisory fee for the transaction.

The shares not be entitled to participate with the holders of common stock in any dividends or distributions and shall be converted into shares of common stock at the average of the volume weighted average price for the common stock for the five business days immediately prior to the date a conversion notice is issued.