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Re: surfkast post# 10265

Monday, 07/24/2017 10:09:14 AM

Monday, July 24, 2017 10:09:14 AM

Post# of 13241
Promissory Notes - Issued in fiscal year 2017

During the year ended February 28, 2017, the Company issued a total of $227,500 notes with the following terms:

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Terms ranging from 9 months to 2 years.

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Annual interest rates of 10% - 12%.

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Convertible at the option of the holders either at issuance or 180 days from issuance. The note dated June 6, 2016 is convertible at September 6, 2016.

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Conversion prices are typically based on the discounted (35% to 60% discount) lowest trading prices of the Company’s shares during various periods prior to conversion. Certain notes allow for the conversion price to be the lower of the closing sale price or the discounted trading price.