Portlogic Systems Inc. (OTCPK:PGSY) announced that it has entered into a convertible drawdown loan agreement for a private placement for gross proceeds of $100,000 with new investor, KJV Property Group LLC on May 1, 2015. The note will carry a fixed rate equal to the prime interest rate plus 2%. The company can draw down the amount over a period of 2 years.

The prepayment can take place at any time without penalty. The loan is convertible into common shares of the company. The rate of conversion will be 20% less of the 5 day average price of the share.