Gold Lakes Corp. (OTCPK:GLLK) announced that it has entered into a senior demand promissory note and note purchase agreement for a private placement of a senior demand promissory note for gross proceeds of $49,163.86 on May 16, 2016. The transaction included participation from existing investor Himmil Investments Ltd. The note carries an interest rate of 12% per annum and would mature on the earlier of the date of issuance by the company to the investor of a senior convertible note in the original principal amount of $300,000 pursuant to that certain securities purchase agreement, dated as of March 14, 2016, between the company and the investor in connection with the additional closing and on demand. Interest shall be paid in cash at the maturity date, which includes the maturity on demand at the option of the investor. The company will pay a minimum guaranteed interest of $5,899.66. The note may be redeemed at any time prior to maturity date at an amount equal to 118% of the outstanding principal amount plus any accrued and unpaid interest on this note. The redemption premium 18% shall be paid in cash. The investor can demand redemption any time after July 15, 2016 with ten days written notice. The company issued securities pursuant to exemption provided under Regulation D. The company will pay $3,000 as non-accountable and non-refundable document preparation fee in connection with the transaction to the investor's counsel.