Exhibit 4.21



THISUNSECUREDCONVERTIBLEPROMISSORYNOTEHAS NOT BEEN REGISTEREDUNDERTHESECURITIESACTOF 1933,AS AMENDED(THE “SECURITIESACT”),OR APPLICABLESTATESECURITIESLAWS. THISNOTE MAYNOTBE SOLD,OFFEREDFORSALE,ASSIGNED,PLEDGEDOR HYPOTHECATEDIN THEABSENCEOFANEFFECTIVEREGISTRATION STATEMENT AS TO THIS NOTE UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL OR OTHEREVIDENCEREASONABLYSATISFACTORYTO BLUENRGYGROUP LIMITEDTHATSUCHREGISTRATION ISNOTREQUIRED.



UNSECURED
CONVERTIBLEPROMISSORYNOTE
REPLACES CONVERTIBLE
PROMISSORYNOTE BETWEEN THE BELOW PARTIESISSUED NOVEMBER 30, 2015



|MaximumPrincipalAmount: | IssueDate: June 30,2016     
|----------------------- | ----------------------------
|                        |                             
|$2,500,000.00           | MaturityDate: October30,2017
|                        |                             
|                        | Sydney,Australia            







FORVALUERECEIVED,BlueNRGYGroupLimitedan AustralianCompany(the “Payor”),herebypromisestopay,onorpriortotheDueDate,totheorderofWHI,Inc.,for itself and as agent
for its affiliates, WHI Retirement Savings Plan Trust and WHIRSP – ColumbusLLC,
(collectively the “Lender”),at such place as the Lender may designate,in lawfulmoneyof the UnitedStates,the principalamountof Two MillionFive HundredThousand
U.S. Dollars ($2,500,000.00),or such lesser amounts as may be outstanding under this
Note as evidencedby the Draw Certificate,together
with interest thereon calculatedfrom the earlier of the date hereof or the date of
funding of each Draw (as applicable) plus all other Note Obligations, payable inaccordancewiththeprovisionsofthisNote.



1.	Definitions.



1.1
“ChangeofControlEvent”meansthatapersonorgroupofPersonsactingin concertacquiresor gainstherightto vote20%or moreofthePayor’sordinarysharesorobtains therighttoappointtwoormorememberstoPayor’sBoardofDirectors.



1.2
“ConversionDate”shallmeanthedateonwhichtheLenderdeliverstheExercise NoticetogetherwiththeoriginalNoteor thedateonwhichanautomaticconversionis triggered underthisSection4.



1.3
“Conversion Price” means $3.028, which amount shall be automatically adjustedproportionallyforanysharesplitorshareconsolidationeffectedbyPayor.



1.4
“DrawAmount”meanstheinitialfundingby Lenderhereunderor anysubsequent funding,eachsuchoccurrencea“Draw”.



1.5 “Draw
Cap”meansthemaximumprincipalamountthatmaybe fundedunderthis Note. TheDrawCapisnota commitmentfromLender. Lender
may,initssolediscretion,elect nottofundanyDrawrequestforanyreasonornoreason.



1.6
“DrawCertificate”meansthatcertainschedule,updatedfromtimetotimeand signedby LenderandPayor,evidencingtheinitialamountfundedby Lenderandtheamount fundedundereach subsequent draw(if any),as well as any repayments of principal or interest thathaveoccurred subsequent totheinitial
fundinghereunder.





1







1.7
“DueDate”meansthelatestpermittedRepaymentDateandisthedateonwhich alloutstandingNoteObligationsbecomepayableinfull.



1.8
“ExerciseNotice”meansawrittennoticedeliveredtoPayorinaccordancewith Section7 hereofspecifyingthedollaramountofNoteObligationsthatLenderhasdetermined to exchange
for Payor’s ordinary shares (“Conversion Amount”) in accordance with Section 3 hereof.



1.9
“Note”meansthisNoteasoriginallyexecutedorif lateramended,modified, supplementedorreplacedthen,assoamended,modified,supplementedorreplaced.



1.10
“Note Obligations” means all principal aggregated from all Draws, interest (including interest which accrues
after the commencement of any case or proceeding in bankruptcyofthePayor),fees(includingtheCommitmentFee,ifany),charges,expensesand anyothersumchargeabletothePayorpursuanttothetermsofthisNote.



1.11
“Person”meansan individual,partnership,corporation,limitedliabilitycompany, association, jointstockcompany, trust,jointventure,unincorporated organization or governmentalentityoranydepartment,agencyorpoliticalsubdivisionthereof.



1.12
“RepaymentDate”meanstheearlierof(a)October 30,2017(the“MaturityDate”),
(b)thedateonwhichthereisanoccurrenceofadefaultpursuanttoSection5hereofor(c)the dateon which there is a
Changeof ControlEvent. If the Payor’sBoard of Directorsdetermines ingoodfaithwithin30daysoftheMaturityDatethatPayorcannotreasonablyrepaytheNote Obligations without
jeopardizing the viability of Payor’s business Payor may extend the Maturity Date for up to 6 months (the “Extension
Period), subject to reaching mutual agreement with Lender on a revised interest rate, representative of a market rate, to be
applicable during the Extension Period.



2.	Draws;Funding.



2.1
AnyauthorizedrepresentativeofPayormayrequestaDrawatanytimepriorto theMaturityDateinsuchamountaswouldnotcausetheDrawCaptobeexceeded.



2.2
Lender,in itssolediscretion,shalldeterminewhetherandwhento fundanyDraw requestofPayorandmaydeclinetodosoforanyreasonornoreason.



2.3
LenderisnotobligatedtoprovidefundinguptotheDrawCaporinanyspecific amount.



2.4
Funding may be made by Lender in any manner convenient, including wire transfer,checkor ACHor othermeansof electronictransferto anyaccountof Payoror its subsidiaries.



2.5
Upon receipt of funding of any Draw, the Draw amount shall be promptly reflectedinanupdatedDrawCertificatesignedbyarepresentativeofPayor.



3.	Payments;Prepayments.



3.1 Interest.
Intheabsenceofaneventofdefault,interestshallaccrueatanannual
rateoffifteenpercent(15%)ontheunpaidprincipalamountofthisNoteoutstandingfromtime-
to-timefromthe fundingdate
or datesshown on the DrawCertificate
until the principal and interestamountof
this Note is paid in full. Interestshall accrueon
the basisof a365 day year andshallcompound
monthly. Uponaneventofdefault,
interest ontheunpaid balance ofany
outstanding Note Obligations shall accrue at a default rate that is 500 basis points per annum higher thanthe
interest rate untilpaidor the
default is cured (if cureis possible).





2







3.2
Payment Date. Unless this Note is converted into ordinary shares (the “ConversionShares”)in accordancewiththetermshereof,or is otherwisesoonerpaid,the principalamountevidencedbythisNotetogetherwithaccruedinterestthereonandallOther NoteObligationsshallbe dueandpayableon the RepaymentDate. All
paymentshereunder shall be made in lawful money of the United States at such address
as the Lender shall specify fromtimetotimeinwriting tothePayor.



3.3
Pre-Payments. TheprincipalindebtednessofthisNote,oranyportionthereof, togetherwithinterestandallotherNoteObligationsrelatedthereto,maybe prepaidpriorto the Repayment Date upon 5 business days written notice by the Payor.
Each and all such prepaymentsshallbereflectedonanupdatedDrawCertificate.



3.4
NullandVoid. ThisNoteshallbecomenullandvoiduponrepaymentofall NoteObligations(i)
in accordancewithSection2.2hereof;(ii)throughconversionin accordance
withSection3hereof;or(iii)throughacombinationofrepaymentsandconversions.



4. Conversion.



4.1
Lender Conversion Option. At the option of the Lender, this Note or any fractionalamountthereofisconvertibleintoordinarysharesofBlueNRGYGroupLimitedat any timeoratmultipletimespriortotheRepaymentDatebydeliveryofanExerciseNoticetoPayor.



4.2
MechanicsofConversion. UpondeliveryofanExerciseNotice,thePayorshall promptlyissuetoLendera numberofordinaryshares(“ConversionShares”)determinedby dividingtheConversionAmountby theConversionPrice(as adjusted). The“ConversionDate” shall bethedateonwhichtheLenderis deemedto have deliveredtheExerciseNoticein accordancewith Section7 hereof. Aspromptlyasreasonablypracticableonorafter the ConversionDate, butin nocaselongerthan10businessdaysfollowingtheConversionDate, the Companyshall issue all ConversionShares to which Lender is entitled as a result of
deliveryof any Exercise Notice. For purposes of Payor’s rights under Section 2.3
hereof, any conversionof theNote shall
be deemedto have been effectedimmediately
prior to theclose of businessonthe Conversion Date.



4.3
At such time Conversion Shares are actually issued to Lender or Lender’s designee, the Conversion Amount shall be reflected
on an updated Draw Certificate as a reductionin outstandingNoteObligationsandtherightsof theLenderundertheNoteshallcease withrespectto theapplicableConversionAmount. Thefailureof theCompanyto makethe deliveriesas aforesaidshallnotimpairor delayLender’srightto effectconversionof any ConversionAmountpursuanttothisSection4.



5. Assignment.



5.1 Exceptasotherwiseprovidedherein,thetermsandconditionsofthisAgreement shallinureto thebenefitof andbe bindinguponthepartiesheretoandtherespectivesuccessors andassignsof theparties.Nothing in thisAgreement, expressor
implied, is intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly providedinthisAgreement.





3







5.2
LendermayunilaterallyassignthisNoteinwholeorinpartonlyiftheassignee representsandwarrantsto LenderandPayorthatassignee:(i)is anaccreditedinvestorwithinthe meaningof theSecuritiesAct;(ii)is awareof andcantoleratetheriskof lossapplicableto the Note and Conversion Shares; (iii) is acquiring the Note for
assignee’s own account for investmentpurposesonlyandnotwithaviewto resaleor distribution.



5.3
IfLenderelectstomakeaunilateralassignmentoftheNoteinwholeorinpart, Payorshallissuea newNotereflectingtheNoteObligationspayabletoLender andassignee respectively.



6.	Default.



6.1.	Payor’sfailuretopayprincipaloranyinterestorotherNoteObligationonthis



Notewithinfive(5)daysaftertheDueDateshallbedeemedaneventofdefault.



6.2.
PayorshallfailtoissueanyConversionSharesrequiredtobeissuedpursuantto Section3hereofwithin10businessdaysfollowingthe deliveryofanExerciseNoticeshallbe deemed an event of default.



6.3.	If:



(i) thePayorshallcommenceanyvoluntaryproceedingunderanybankruptcy, reorganization,arrangement,insolvency,readjustmentof debt,receivership, voluntary or involuntary appointment of an administrator,
dissolution, or liquidationlaworstatuteofanyjurisdiction,whethernoworhereafter ineffect; or the Payorshallbe adjudicated insolventor
bankruptby a decreeof a courtof competentjurisdiction;or thePayorshallpetition or applyfor,acquiescein, or consent to,
theappointmentof anyreceiver or trustee of thePayoror
forall or a substantial part of the property of the Payor; or the Payor shall make
an assignmentforthebenefit of creditors;or thePayor
shalladmitin writing its inabilitytopay itsdebts asthey mature;or



(ii) thereshallbecommencedagainstthePayoranyproceedingrelatingtothe Payor under any bankruptcy, reorganization, arrangement, insolvency, readjustmentof debtreceivership,dissolution,or liquidationlawor statuteof any jurisdiction,whethernowor hereafterin effect,andanysuchproceedingshall remain undischarged for a period of sixty (60) days or the Payor by any act indicatesits consent to, approvalof,or acquiescencein, anysuchproceeding;or a receiver or trustee shall be appointed for the Payor or for all or a substantial part ofthepropertyofthePayor andanysuchreceivershipor trusteeshipshallremain undischarged for a period of sixty (60) days; or a warrant of attachment,
execution,or similarprocessshallbe issuedagainst anysubstantialpartofthe propertyof thePayor andthesame shallnotbe dismissed or bonded withinsixty (60) days after levy;



thenintheeventof(i)or(ii)above,theLendermay,bywrittennoticetothe Payordeclarean eventof default,andthesameshall,unlesssuchdefaultshallbe curedwithinfive(5)daysaftersuchnotice,be deemedan eventof defaultfor purposeshereof.



7.	Limited
Recourse.	No recourse shall be had for payment of any part of the Note
Obligations againstanypresentorfutureofficerordirectorofthePayorbyvirtueofanylaw,or
by enforcementof anyassessment,or
otherwise, or againstany presentor
futuremanager,agent, officer ordirectorofthePayor,allsuchliabilitybeing,bytheacceptancehereofandasapartof
the consideration for the issue hereof, expressly released, it being agreed bythe
Lender tolimit its recourseforcollection
of theNoteObligationsto
thePayor andits assets.





4







8. Notices. Except
as may be otherwise provided herein, all notices and other communicationsrequiredor permittedhereundershallbe in writingandshallbe conclusively deemedtohavebeendulygiven(a)whenhanddeliveredtotheparty;(b)whenreceivedwhen sentbyelectronic mailorfacsimileona businessdayattheaddressandnumbersetforthbelow, subjecttodigitalorelectronic receiptofacknowledgement from recipient; (c)five(5)business days after deposit in the U.S. or Australian mail with first class
or certified mail (receipt requested) postage prepaid and addressed to the partyas
set forthbelow; or (d) if deposit with a nationalovernightdeliveryservice,deliverychargesprepaid,addressedto thepartyas setforth belowwith thedelivery guaranteed, onsuch date asprovided
thatthesendingpartyreceives a confirmationofdelivery fromthedelivery service
provider.





|IftoLender: | c/oWHIInc.                             
|----------- | ---------------------------------------
|            | 410S.MichiganAve.;Suite620             
|            | Chicago,IL 60605                       
|            | USA                                    
|            | Attn: WilliamMorro                     
|            | Facsimile:312-                         
|            | E-mail:westernheadinvestments@yahoo.com
|            |                                        
|IftoPayor:  |                                        
|            | BlueNRGYGroupLimited                   
|            | 32MartinPlace,11thFloor                
|            | Sydney,2000,NSW AUSTRALIA              
|            | Attn: ChiefFinancialOfficer            
|            | e-mail: richard.pillinger@bluenrgy.com 



EachPersonmakinga communicationhereunderbyfacsimileore-mailshallpromptly confirmbytelephoneto thePersonto whomsuchcommunicationwasaddressedeach communicationmadebyit byfacsimilepursuanthereto,buttheabsenceofsuch confirmation shallnotaffectthevalidity ofanysuchcommunication. Apartymay changeor supplement the addresses given above, or designate additional
addresses, for purposes of this Section8 by giving the other party written notice of
the new address in themannersetforthabove.



9.	RegistrationRights.



9.1 UnlessNoteholderisotherwisepermittedtoselltheConversionSharespursuant toRule144oranysuccessorruleoranotherapplicableexemption,Noteholder
shallbeentitled tothesameregistration rightsforthe Conversion Shares aspurchasers
ofSecurities inthe Offering referenced
in the Company’s November 12, 2015 filing with the U.S. Securities and Exchange Commission on Form 6-K.





5







10.	Miscellaneous.



10.1
Lostor DestroyedNote. UponreceiptbythePayorof evidencereasonably satisfactorytothePayoroftheloss,theft,destructionormutilationofthisNote,andinthecase ofanysuchloss,theftordestruction, upon delivery ofanindemnity reasonably satisfactory to thePayor or,incase ofanysuch mutilation, upon surrender andcancellation ofthisNote, the Payor willissue areplacement Noteof liketenor in
lieuof thisNote.



10.2
Severability. Whereverpossible,eachprovisionofthisNoteshallbeinterpreted insuchmannerastobeeffectiveandvalidunderapplicablelaw,butifanyprovisionofthis Noteshallbe prohibited by or invalid underapplicable law,suchprovision shallbe ineffective to the extent of such prohibitionor invalidity,without invalidating the remainderof such provision orthe remaining provisions ofthis Note.



10.3
Waiver. The Payor hereby waives presentment, demand, protest, notice of dishonor,diligenceandall othernotices,anyreleaseor dischargearisingfromanyextensionof time,dischargeofapriorparty,orothercauseofreleaseordischargeotherthanactualpayment infullhereof.



10.4
Rights. Lendershallnotbedeemed,byanyactoromission,tohavewaivedany ofitsrightsorremedieshereunderunlesssuchwaiverisinwritingandsignedbyLenderand thenonlytotheextent specifically setforthinsuchwriting. Awaiver withreference toone event shall not be construed as continuing or as a bar to or
waiver of any right or remedy as to a subsequentevent. No delay or omissionof Lenderto exerciseany right,
whetherbeforeor after a Defaulthereunder, shall impair any such right or shall be construedto be a waiver
of any right or Default, and the acceptance at any time by Lender of any past-due amount shall not be deemedto be a waiver of the right to require promptpaymentwhen due of any other amounts then or thereafter due and payable.



10.5
Amendment. Noamendment ofthisNote(eithergenerally orinaparticular instanceandeitherretroactivelyorprospectively)maybemadeotherthanbywrittenconsentof thePayorandtheLender.



10.6
Remedies. TheremediesofLenderasprovidedhereinshallbe cumulativeand concurrent,andmaybepursuedsingularly,successivelyortogetheratLender’ssolediscretion, andmaybeexercisedasoften asoccasion thereforshalloccur.



10.7
Interest. IfanyprovisionsofthisNotewouldrequirethePayortopayinterest hereonata rateexceedingthehighestrateallowedbyapplicablelaw,thePayorshallinsteadpay interestunderthisNoteatthehighestratepermittedbyapplicablelaw.



10.8
GoverningLaw. ThisNoteshallbegovernedbyandconstruedinaccordance withthelawsof Australia,withoutgivingeffectto anychoiceor conflictof lawprovisionor law thatwouldcausetheapplicationofthelawsofanyjurisdictionotherthanAustralia.



---------SignaturePageFollows---------





6







INWITNESSWHEREOF,thePayorhascausedthisNotetobeexecutedonitsbehalf byitsdulyauthorizedsignatory.



|BLUENRGYGROUPLIMITED |                                                      
|-------------------- | -----------------------------------------------------
|                     |                                                      
|By:                  |                                                      
|                     | Richard Pillinger                                    
|                     |                                                      
|Its:                 | Chief Financial Officer and Authorized Representative
|                     |                                                      
|By:                  |                                                      
|                     | Carlo Botto                                          
|Its:                 | Director                                             







7









Draw
Certificate

WHI,Inc.(foritselfandasagentforitsaffiliates) DrawCap=FiveMillionFive Hundred ThousandU.S.Dollars
($2,500,000.00) UpdatedasofJune30,2016



|                   |  | Draw Amounts/(Repayment Amounts) (U.S. Dollars)
|------------------ |  | -----------------------------------------------
|Draw / Repayment   |  | Principal                                      
|January 28, 2015   |  | $                                              
|January 30, 2015   |  | $                                              
|April 08, 2015     |  | $                                              
|April 14, 2015     |  | $                                              
|July 13, 2015      |  | $                                              
|July 14, 2015      |  | $                                              
|July 20, 2015      |  | $                                              
|August 13, 2015    |  | $                                              
|August 28, 2015    |  | $                                              
|September 11, 2015 |  | $                                              
|September 14, 2015 |  | $                                              
|December 10, 2015  |  | $                                              
|January 05, 2016   |  | $                                              
|January 26, 2016   |  | $                                              
|January 27, 2016   |  | $                                              
|February 04, 2016  |  | $                                              
|June 29, 2016      |  | $                                              
|                   |  |                                                
|Cumulative Amount  |  | $                                              



|Initials-Payor |  |  | Initials-Lender
|-------------- |  |  | ---------------





8