Las Vegas, NV -- (SBWIRE) -- 11/01/2013 -- Polar Petroleum Corp (OTCMKTS: POLR) announced that it issued convertible promissory note to the US Energy Investments Ltd. that is about the $50,000 loan US Energy will give to the company. The company says that note is due after three years that is October 15, 2016.
Polar says that there is 10% interest on the note that is payable every year for three years. According to the terms of agreement, the company can prepay all or part of the loan amount without paying the penalty.
There is a customary provision of 4.99% on the note. Thus the US Energy can convert all or part of the outstanding amount to common stock shares of the company at price of $0.10 per share.
Polar Petroleum Corp. explores produces and develops oil and natural gas in U.S. The Company has interests in 17 drilling locations exploring for oil and gas in the North Slope region of the State of Alaska comprising 46,399 acres.
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