Net Element wraps $11.2 million private placement of convertible note

Company sells convertible due March 31, 2015 to investor Cayman Invest

By Devika Patel

Knoxville, Tenn., April 22 - Net Element Inc. said it sold an $11.2 million convertible promissory note to Cayman Invest, SA. The note is part of a $30 million financing.

The note is due March 31, 2015 and may be converted into common shares.

Net Element is a Miami-based company specializing in mobile payments and value-added transactional services.

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