Laredo Oil issues $59K convertible note to JanBella Group, 8% interest, variable conversion

Laredo Oil, Inc.

Issued convertible promissory note for $59,125 principal (including $5,375 OID) to JanBella Group, LLC.
Note accrues 8% interest, matures Nov 18, 2023; prepayable within 180 days at 110% or 115%.
Conversion after 180 days at 75% of avg of 3 lowest closing bid prices in prior 15 trading days.
Note has 4.99% beneficial ownership cap and requires 4.5x reserved shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Laredo Oil, Inc. entered into Securities Purchase Agreement with JanBella Group, LLC valued at $59,125 (effective 2022-11-18).

Action: entry
Agreement: equity purchase
Counterparty: JanBella Group, LLC
Value: $59,125
Effective: 2022-11-18

Exact text from the filing

Laredo Oil, Inc. (the “Company”) has entered into a Securities Purchase Agreement, dated November 18, 2022 (the “Purchase Agreement”), pursuant to which the Company issued a convertible promissory note (the “Note”) in the aggregate principal amount of $59,125 (including a $5,375 original issue discount). The Note is payable to JanBella Group, LLC (the “Lender”).

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Laredo Oil, Inc. filing history →

Source: SEC EDGAR

accession 0001199835-22-000705

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