Portlogic Systems Inc. (OTCPK:PGSY) announced a private placement of a promissory note for gross proceeds of $150,000 on March 10, 2014. The transaction included participation from Joseph Putegnat, President and Chief Executive Officer of the company. The note will mature on March 10, 2016. The note will carry a fixed rate equal to the prime interest rate plus 1%. The prepayment can take place at any time without penalty.

On March 10, 2014, Portlogic Systems Inc. closed the transaction.