First Harvest Corp. (OTCPK:HVST) announced that it has entered into a securities purchase agreement for a private placement of a 12% convertible promissory note for gross proceeds of $175,000 with accredited new investor, EMA Financial LLC on April 10, 2017. The note carries a fixed coupon of 12% per annum and would mature on April 10, 2018. The company will pay outstanding principal amount and accrued interest on the maturity date. Any amount of principal or interest that is due, which is not paid by the note on maturity date, will bear interest at the rate of 24% per annum until it is paid. The note is convertible into common shares of the company at any time on or after 180 days at a conversion price of the closing sale price of the common stock on the principal market on the trading day immediately preceding the closing date and 60% of the lowest sale price for the common stock on the principal market during the 25 consecutive trading days immediately preceding the date of conversion. The notes are issued at par value. The company also issued warrants to purchase 62,500 common shares at an exercise price of $2 per share for a period of five years from the date of closing. The company paid legal, administrative and due diligence fees of $160,250.