Promissory Note between Fox Petroleum Inc. and EuroEnergy Growth Capital S.A. dated April 1, 2008
Fox Petroleum Inc. has borrowed $250,000 from EuroEnergy Growth Capital S.A. under this promissory note. The loan must be repaid by April 1, 2009, or earlier if Fox Petroleum secures at least $1,000,000 in equity financing. Interest accrues at 10% per year, compounded monthly, and is due in a lump sum at repayment. Fox Petroleum can repay the loan early without penalty. The agreement is signed by Fox Petroleum Inc. and outlines the repayment terms and interest obligations.
PROMISSORY NOTE
| Principal Sum: $250,000 | April 1st, 2008 |
| London, UK |
| To: | EuroEnergy Growth Capital S.A. |
| Salduba Building Top Floor, | |
| 53rd East Street, Urbanizacion | |
| Obarrio Panama 5 |
FOR VALUE RECEIVED, Fox Petroleum Inc. (the “Borrower”) promises to pay on the earlier of (i) the date that the Borrower obtains equity financing from a third party in the minimum amount of $1,000,000 net to the borrower, or (ii) April 1st, 2009 (the “Payment Date”) to the order of EuroEnergy Growth Capital S.A., the principal sum of $250,000 (the “Loan”) in lawful currency of the United States.
For the period from the date of advance of the Loan up to and including the Payment Date interest will accrue on the Loan on the balance of principal outstanding at the rate of 10% per annum, calculated and compounded monthly not in advance, until paid. Interest will be payable in a balloon payment on the Payment Date.
The undersigned may at any time and from time to time prepay in whole or in part the said principal sum without notice or bonus or penalty.
Presentment, protest, notice of protest and notice of dishonour are hereby waived.
IN WITNESS WHEREOF the Borrower has duly executed this Promissory Note as of the date first written above.
Fox Petroleum Inc.
| Per: | /s/ Alex Craven |
| Alex Craven |
