Tiger Reef, Inc. (OTCPK:TGRR) announced that it has entered into a securities purchase agreement for private placement of a 8% convertible redeemable note due March 23, 2018 for gross proceeds of $30,000 on March 23, 2017. The transaction included participation from new investor Adar Bays, LLC. The note will mature on March 23, 2018. The note carries fixed interest rate of 8% per annum. The note is redeemable until maturity date and is secured. The note is convertible into common shares of the company at a price per share equal to 55% of the lowest daily closing bid with a 15 day look back immediately preceding and including the date of conversion. The company issued note at par. The company has the right to repay the notes at any time during the first six months of the notes at a rate of 120% of the unpaid principal amount during the first 30 days, 126% of the unpaid principal amount between days 31 and 60, 132% of the unpaid principal amount between days 61 and 90, 138% of the unpaid principal amount between days 91 and 120, 144% of the unpaid principal amount between days 121 and 150, and 150% of the unpaid principal amount between days 151 and 180. The notes may not be prepaid after the 180th day. The company paid legal expenses of $2,000 in the transaction.