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10-Q - LAREDO OIL, INC. 11/30/2012 10-Q - Laredo Oil, Inc.laredo_10q-113012.htm
EX-31.1 - CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - Laredo Oil, Inc.exhibit_31-1.htm
EX-31.2 - CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 - Laredo Oil, Inc.exhibit_31-2.htm
EX-32.1 - CERTIFICATE PURSUANT TO 18 U.S.C. SECTION 1350 SIGNED BY THE CHIEF EXECUTIVE OFFICER - Laredo Oil, Inc.exhibit_32-1.htm
EXCEL - IDEA: XBRL DOCUMENT - Laredo Oil, Inc.Financial_Report.xls
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EX-32.1 - CERTIFICATE PURSUANT TO 18 U.S.C. SECTION 1350 SIGNED BY THE CHIEF FINANCIAL OFFICER - Laredo Oil, Inc.exhibit_32-2.htm
v2.4.0.6
8. LONG TERM NOTES PAYABLE
6 Months Ended
Nov. 30, 2012
Debt Disclosure [Abstract]  
8. LONG TERM NOTES PAYABLE

 

NOTE 8– LONG TERM NOTES PAYABLE

 

During the fiscal year ended May 31, 2011, the Company entered into two Loan Agreements with Alleghany for a combined available borrowing limit of $350,000.  The notes accrue interest on the outstanding principal of $350,000 at the rate of 6% per annum.  As of November 30, 2012, accrued interest totaling $39,822 is recorded in accrued liabilities.  The interest is payable in either cash or in kind.  The notes have a maturity date of December 31, 2013 and are classified as long term notes payable.  The loan agreements require any stock issuances for cash be utilized to pay down the outstanding loan balance unless written consent is obtained from Alleghany.