AlumiFuel Power Corporation (OTCPK:AFPW) announced that it has entered into agreement for a private placement of a convertible promissory note with existing investor, CareBourn Capital, L.P. for gross proceeds of $65,500 on February 3, 2017. The note is convertible beginning 90 days after issuance into common shares at a discount of 50% of the average of the lowest three trading prices for the company’s common shares during the 20 preceding the conversion date. The note will mature on February 3, 2018 and will bear interest at a fixed rate of 12% per annum. The dentures are issued at an original issue discount of 13.04%, for gross proceeds of $75,325. The note requires a payment of $314 on each business day from the company. Daily payments notwithstanding, the note may be prepaid: at any time from the issuance date to 180 days following the issue date at 130% of the then outstanding principal and interest; and at any time beginning 181 days following the issuance date to 364 days following the issue date at 150% of the then outstanding principal and interest. The company will pay $5,000 to cover the investor’s accounting fees, due diligence fees, monitoring, and/or other transactional costs incurred in connection with the transaction and $500 to investor’s attorney, to cover its legal review fees in connection with the transaction, all of which are included in the initial principal balance of the note. The company has received net proceeds of $60,000.