Polar Petroleum Corp. announced a private placement of promissory note for gross procveeds of $1,100,000 on October 31, 2012. The note is issued at an interest rate of 0.30% per annum. The notes are payable in installments of $125,000 due every three months for the first year, $100,000 due every three months thereafter and the final payment of $300,000 due on or before October 31, 2014. The notes will be issued to Samuel H. Cade and Daniel K. Donkel.

On October 31, 2012, Polar Petroleum Corp. closed the transaction.