Polar Petroleum Corp. (OTCPK:POLR) announced a private placement of 10% convertible promissory note for gross proceeds of $50,000 on October 16, 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 October 15, 2016. The note will be convertible into the common shares of the company at a price no less than $0.10 per share mutually agreed between the company and the investor.

On October 16, 2013, Polar Petroleum Corp. closed the transaction.