PROMISSORY NOTE
AMOUNT
Up
to US$300,000
ISSUANCE DATE
August
26, 2009
MATURITY DATE
August
26, 2010
FOR
VALUE RECEIVED, Portlogic Systems Inc. (“Borrower”), a
Nevada corporation, having an address of 100 King Street West,
Suite 5700, Toronto, Ontario, M5X 1K7, Canada, hereby promises to
pay to the order of Euro Americas Securities S.A.,
(“Lender”), located at: Edificio Sucre, Calle 48 E.
Bella Vista, 0816-01832, Panamá 5, Panamá, the sum
drawn up to three hundred thousand U.S. Dollars (US$300,000),
together with interest on the unpaid principal amount, upon the
terms and conditions specified below.
1.
ADVANCES. At any time during the term of this
Note, Borrower may, at its sole option, draw down amounts up to an
aggregate of US$300,000 under the terms set forth herein. The
aggregate unpaid principal balance outstanding, if any, at any time
during the term of this Note shall be referred to as the
“Principal Amount.” Advances under this Note shall be
made upon written request by Borrower to Lender in the form of a
Draw Request attached as Exhibit A hereto. Draw Requests
shall be sent to Lender at the address set forth above. All
Draw Requests submitted by Borrower shall be funded within 10 days
from the date Lender receives the Draw Request (each a “Draw
Date”).
2.
TERM. The Principal Amount shall be due and
payable on demand by the Lender, but in no event shall the
Principal Amount and all interest accrued be paid later than August
26, 2010 (the “Maturity Date”).
3.
RATE OF INTEREST. Interest payable on the
Principal Amount shall accrue at a fixed rate equal to the prime
interest rate plus 2%. Interest shall be calculated at the end of
each month based on the outstanding Princ
