Plastic2Oil, Inc. (OTCPK:PTOI) announced a private placement of 12% promissory note for gross proceeds of $200,000 on February 11, 2016. The transaction included participation from Chief Executive Officer and Chairman of the company, Richard Heddle. All principal and interest on the promissory note is due and payable in full by the company on demand.

The repayment of promissory note will be secured by assets of the company.