T-Rex Oil, Inc. (OTCPK:TRXO) announced a private placement of a convertible promissory note for gross proceeds of $300,000 on November 3, 2016. The transaction included participation from returning investor. The note carries fixed interest rate of 12% per annum and will mature on January 31, 2017. The note will be convertible into common shares of the company at a fixed conversion price of $0.80 per share. The company also issued 75,000 common shares and has agreed to transfer 50,000 warrants from a warrant held by it which is exercisable for 1,056,000 common shares of Nexfuels, Inc. at a fixed price of $1.25 per share and will expire on January 31, 2017.