Liberty Energy Corp. (OTCBB:LBYE) announced a private placement of an 8% convertible note at $42,500 for gross proceeds of $42,500 with Asher Enterprises, Inc. on May 21, 2012. The note is convertible into shares of common stock at a conversion price set at 58% of the average closing prices for the lowest three trading prices for the common stock during the ten trading days immediately preceding the conversion date. The convertible note is due on February 25, 2013 at an interest rate of 8% per annum.

On July 11, 2012, the company issued the convertible note to the investor. The notes will now mature on April 16, 2013.

On August 16, 2012, Liberty Energy Corp. closed the transaction. The company raised additional funds through issuance of additional convertible note to the same investor.