Principal Solar, Inc. (OTCPK:PSWW) announced a private placement of convertible corporate promissory note for gross proceeds of $1,600,000 on August 20, 2015. The note will mature on December 31, 2016 and bears simple interest at the rate of 6% per annum. The note is convertible into membership interests of Principal Sunrise V, LLC.

The transaction will include participation from new investor Arowana International Limited. The company may pre pay the note at any time without pre payment premium or penalty.