Mendocino Brewing Co. Inc. (OTCPK:MENB) announced a private placement of a secured promissory note for gross proceeds of $250,000 with existing lender Catamaran Services, Inc. on August 28, 2017. Interest shall accrue from the date of the note on the unpaid principal at a rate equal to the lesser of 1.5% per annum above the prime rate offered from time to time by the Bank of America Corporation in San Francisco, California, or 10% per annum, until the principal is fully paid. The note may be prepaid without penalty at the option of the company, no payments on the note may be made unless the obligations have been satisfied in full. If the company is not able to satisfy its obligations on the note within the six month period following the date of the note, the note shall be automatically extended for additional six month term.