Polar Petroleum Corp. (OTCPK:POLR) announced a private placement of 10% convertible promissory note for gross proceeds of $75,000 on September 6, 2013. The transaction included participation from an existing accredited investor, US Energy Investments Ltd. The note issued will carry 10% interest rate per annum, payable on the maturity date or earlier prepayment. The note will mature on September 5, 2016. The note will be convertible into the common shares of the company at a price no less than $0.20 per share.

On September 6, 2013, Polar Petroleum Corp. closed the transaction.