Ocean Electric Inc. (OTCBB:OCEL) announced that it will receive $300,000 in loan on January 30, 2014. The transaction will see participation from existing investor Zenith Equity Group Ltd. The loan carries an interest rate of 6% per annum and would mature on April 15, 2018. Prior to the maturity date, the company has the right to prepay the principal and the interest of the loan. The loan is convertible into common stock of the company at a price of $0.10 per share; the conversion rate is subject to adjustments. In addition to the right of conversion, the investor has the right to offer all or a portion of the principal and interest accrued of the loan in payment of common shares of the company in any offering of common shares being offered for sale directly by the company. The company will receive funding in multiple tranches and expected to close prior to December 31, 2014.

On January 30, 2014, Ocean Electric Inc. closed the transaction. The company has received $100,000 in funding from the transaction.