Oro East Mining, Inc. (OTCBB:OROE) announced a private placement of 8% convertible promissory note for gross proceeds of $720,000 on January 21, 2015. The note will be issued to a Chinese foreign investor lender. The note carries a fixed interest rate of 8% per annum.

The company will pay interest accrued in full on or before July 21, 2015 without penalty. Conversion, if exercised, would be at $0.09 per share.